LLP "MFI "Golden City" has been deprived of a license to carry out microfinance activities

In accordance with the order of the Head of the Regional Representatives Office in Almaty of the Agency of the Republic of Kazakhstan for Regulation and Development of Financial Market (hereinafter – the Agency) in Almaty dated 02.10.2023 № 102, the LLP "MFI "Golden City (hereinafter – Partnership) was deprived of a license to carry out microfinance activities.

The grounds for revocation of the license in accordance with subparagraph 6 of paragraph 2 of Article 16 of the Law of the Republic of Kazakhstan "On Microfinance Activities" were the failure to carry out activities within six consecutive calendar months from the date of obtaining a license to carry out microfinance activities.

In accordance with the requirements of paragraph 9 of the Law of the Republic of Kazakhstan "On Microfinance Activities", the Partnership is obliged, within thirty calendar days from the date of the Agency's decision to revoke the license to carry out microfinance activities, to carry out the re-registration procedure by excluding from its name the words "microfinance organization", words derived from them or abbreviations suggesting that the specified legal entity carry out activities for the provision of micro-loans, or make a decision on reorganization or liquidation.

The withdrawal of the Partnership's license does not release borrowers from their obligation to fulfill their obligations to the organization in a timely manner and in full

Partnership customers who have unfulfilled obligations under microcredit agreements are liable for violation of the fulfillment of obligations to the Partnership in accordance with the terms of concluded microcredit agreements.

 

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