Word: kaztelecom
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Dates: during 2000-2009
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...Credits went where they belonged: "New banks immediately accomplished their basic function - that of extending credits to encourage budding businesses," says Ulf Wokurka, a former Deutsche Bank director and now CFO of Samruk, Kazakhstan's holding company, which runs such giants as KazTelecom and oil and natural gas firm KazMunaiGaz...
...Credits went where they belonged: "New banks immediately accomplished their basic function - that of extending credits to encourage budding businesses," says Ulf Wokurka, a former Deutsche Bank director and now cfo of Samruk, Kazakhstan's holding company that runs such giants as KazTelecom and oil and natural gas firm KazMunaiGaz. The state rapidly privatized over 10,000 trading, service and industrial firms. As often happened in post-Soviet countries, the best of these firms were sold off to insiders, shoring up the power bases of important clans. But the biggest economic engine was oil, and that required outside help. Says...
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