Bakai Bank Wins Defamation Case in Belgium, Eyes Hong Kong

Bakai Bank, one of the largest banks in Kyrgyzstan, has secured a legal victory in Belgium after a court ruled in its favor in a defamation case against the Brussels-based NGO Open Dialogue Foundation over allegations related to Russia sanctions.

The dispute arose from publications released by the Open Dialogue Foundation in 2023, which accused the bank of assisting Russia in circumventing international sanctions imposed following the invasion of Ukraine.

However, a Brussels court found that these claims were not supported by sufficiently verified evidence and had unlawfully harmed the bank’s reputation.

The court ordered the NGO to remove all allegations and to publish the judgment prominently on its website for a period of 30 days, or face fines of €10,000 (HK$84,000) per day. It also rejected the foundation’s argument that the lawsuit constituted a so-called SLAPP (strategic litigation against public participation), concluding that there was no evidence of abuse of legal process.

The ruling comes as Bakai Bank is reportedly exploring international expansion, including a potential entry into the Hong Kong market. Hong Kong continues to position itself as a key financial gateway between Asia and emerging markets, and a move by Bakai Bank into the city would signal strengthening financial ties between Central Asia and the region.

The court’s decision may also enhance the bank’s standing with regulators and potential partners when pursuing overseas opportunities, given the importance of reputational integrity in international financial centers.

In October 2025, S&P Global Ratings assigned Bakai Bank long- and short-term credit ratings of “B/B” with a stable outlook, citing the bank’s strong liquidity and capitalization.