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ASTANA -- The former chairman of Kazakhstan's Alyans Bank has been arrested in the United Arab Emirates (UAE), RFE/RL's Kazakh Service reports.

Kazakh Interior Affairs press service told journalists on April 8 that an international arrest warrant for Chairman Erik Sultankulov and the former chairman of the Alyans Bank's directorate, Dauren Kereybaev, was issued in November.

The two former bankers are wanted in Kazkahstan for allegedly embezzling $1 billion.

The Kazakh Interior Ministry said it is holding talks with UAE officials for Sultankulov to be extradited to Kazakhstan.