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Kazakhstan: President Sees Red Over Collapsing Bank

Kazakhstan’s President Nursultan Nazarbayev has angrily condemned management at  a mid-sized bank teetering on the verge of collapse, accusing it of falling prey to thieving shareholders.

The clouds have been gathering over RBK bank for some time now. Numerous accountholders have resorted to filing suit after the bank began last month to drastically limit payouts. Some customers have said they face eviction from their homes and are experiencing trouble paying their medical bills because their cash is tied up in the bank. RBK bank cards have been blocked since the end of October. Nazarbayev has pinned the liquidity issues on the bank’s management.

“Thieves should go to jail, which is where they will be sent,” Nazarbayev said on November 3, speaking to a congress of the ruling Nur Otan party. “Let us force them to return the money and stabilize the operations at this bank.”

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Kazakhstan: President Sees Red Over Collapsing Bank

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