Press Release: Prolongation of Committee of Bankruptcy at 'Mangistau Atomic Energy Complex'

The bankruptcy proceedings due to the high amount of accounts receivables are to be completed in six months instead of the schedule date July 16, 2003 as Mr. B. Chirchikbayev, the administrator in bankruptcy of the republican state enterprise 'Mangistau Atomic Energy Complex' ('MAEC' RSE, Aktau, Kazakhstan) said today on July 2, 2003

At present, the committee of bankruptcy has paid off the first and second turns of debts totaled to KZT 101 million. The first turn totaled to KZT 37 million, which is payment to people to whom the bankrupt company is responsible for trespass or health hazard by means of capitalizing the associated periodical payments. The second turn totaled to KZT 64 million, which constitutes of salary and compensation payments to persons worked on the basis of labor contract, including debts for alimony and compulsory pension allowances deducted from salary as well as copyright compensations.

According to the administrator in bankruptcy 'MAEC' RSE has started to pay off the third turn of debts totaled to KZT 1.1 billion.

The bankrupt's estate of 'MAEC' RGE was put up for auction on April 30, 2003. National Atomic Company 'Kazatomprom' won the auction and created a new enterprise 'MAEC - Kazatomprom' LLP on the basis of the enterprise’s property. It should be particularly mentioned that 'MAEC - Kazatomprom' does not incur liabilities of 'MAEC' RSE’s debts (except receivables from suppliers and subcontractors for services and inventories in transit, shipment and fabrication as for the auction date). The administrator in bankruptcy designated by the Bankrupt Committee under the Ministry of Finance of the Republic of Kazakhstan will carry out the debts payment.

NAC 'Kazatomprom' has acquired buildings, structures, equipment and machinery, public services, transfer mechanisms, design estimates, production and technical documentation, buildings in construction and other inventories located at the territory of Aktau. Now 'MAEC - Kazatomprom' is implementing measures regarding maintenance and renewal of equipment necessary for constant heating, power and water supply as well as radiation security support of the decommissioning of the nuclear reactor BN - 350.