AKIPRESS.COM - The High Court of Hong Kong made a decision to return rights to a frozen seaport development project in China to Kazakhstan’s BTA Bank, the bank’s Chairman of the Board Kenes Rakishev told TASS on Monday.

"We have recovered the rights to an enterprise established for construction of a mooring facility in Tieshangang Port in Beihai, Guangxi Province of China," Rakishev said.

The enterprise referred to is known as Kazoil-Astana Group, incorporated in Hong Kong in 2001. The company received a huge loan later by the decision of ex-CEO of BTA Bank Mukhtar Ablyazov. The company’s debt amounts to $32 mln now, Rakishev noted.

In particular, a land plot in the port, an appropriate license, and a permit to build the seaport and all infrastructural facilities were returned to BTA Bank, the banker said. The appraised value of the undertaking is $10-15 mln. "We need to hold a more accurate assessment of the status and prospects and finalize legal paperwork for the asset. We may probably find an investor for this project later on," Rakishev added.