Kazakh c.bank to seek legal evaluation of investing in IBA bonds

Kazakhstan's state-managed pension fund invested $250 million in Azerbaijan's now troubled state-run bank IBA, and Kazakhstan's central bank will seek legal evaluation of this investment decision, central bank head Daniyar Akishev said on Wednesday.

The International Bank of Azerbaijan, the country's biggest lender, suspended payments on some liabilities and said last week it was seeking support to restructure more than $3 billion of debt. 

The decision to buy through an offshore company $250 million of IBA's 10-year bonds with a coupon paying 8.25 percent annually was taken in October 2014 by central bank officials at the time, Akishev said.