Alliance Bank Chairman Wanted on Embezzlement Charges

    The Chairman of the Board of Directors of Alliance Bank and well-known businessman Margulan Seisembaev has been placed on the international wanted list on suspicion of embezzlement of bank funds in the sum of 16.9 billion tenge (approximately USD 112.8 million), as reported on October 28th by the financial police representative Murat Zhumanbai at a briefing in Astana. According to him, the court sanctioned the arrest in absentia of Margulan Seisembaev and his brother, Erlan declaring them as wanted internationally.
    Margulan Seisembaev had earlier stated in an interview with radio Azattyk that his long stay abroad was due to a two month vacation and that he would return to Kazakhstan on August 30th. However, he still remains outside the country.
    The former chairman of Alliance Bank, Zhomart Yertaev was arrensted on similar charges, RFE/RL reports, according to RFE/RL.