Kazakhstan May Merge Oil, Pension Funds

Kazakhstan may merge its $23 billion state pension fund with the $57 billion oil fund in order to streamline their management, President Nursultan Nazarbayev said on Monday, Reuters reported. The state pension fund suffered a credibility crisis this year when its former chief executive Ruslan Yerdenayev and other managers were charged with embezzlement over a purchase of bonds issued by a local company in exchange for bribes. The trial started last month. Lawyers have told Kazakh media the executives - who have been sacked by the fund - have denied the charges against them. The oil fund, officially known as the National fund, also came into the spotlight this month when a lawsuit by the central bank exposed the fact that Bank of New York Mellon had frozen about 40 percent of its assets due to a lawsuit against the government. Read more.