Fund of Problem Loans JSC sells the property

Press release

Of the Fund of Problem Loans JSC , In order to involve assets in economic turnover,  started selling the property taken on the balance sheet of the Fund within the framework of  banking sector and management of purchased assets improvement .

The task of the Fund is to return the purchased assets to the economic turnover. In this regard, the Fund worked out a set of measures for asset management, including the procedure for the sale of property, ensuring the openness and transparency of the entire bidding process.

The Fund and its subsidiaries formed a list of assets, as well as phased plan-schedule of their implementation, which includes about one and a half thousand objects.

The realized property is located in different regions of Kazakhstan, both in cities and in rural areas. Land plots for various purposes, complexes of buildings and structures, commercial areas have been prepared for sale as real estate. Movable property includes cars, trucks and special equipment for specialized purposes, equipment.

The sale of the Fund's assets is carried out through electronic bidding on the web portal of the state property register. To date, more than 50 objects of the Fund's property have found their new owners.

The Fund ensures the availability of all necessary documents to the property being sold, the publication of notices of tendering indicating the method of bidding, the date and time of the auction.

A full list of sold property, as well as step by step instructions on registration and participation in the auction can be found on the website of the Fund – www.fpl.kz

In General, the management of the Fund's assets, their involvement in economic turnover, including through implementation, will have a positive effect on infrastructure development , production, related sectors of the economy, and in turn will have a positive impact on the development of the country's economy. As a result of the work on the property sale , as well as the restructuring of assets, the Fund transferred 3.5 billion tenge to the national Fund of the Republic of Kazakhstan.

Fund of Problem Loans JSC was established in 2012 to assist in recovery of the national economy through (1) improving the quality of loan portfolios of second-tier banks by repurchasing non-performing assets, (2) involvement of repurchased assets in economic turnover through recovery and sale.