Other residents in the affected area echo Tashpulatov’s view, arguing that they have been pressured to leave and are not satisfied with the proposed compensation.87 In the latter respect, it is important to recognise the difference between the value of a property to a homeowner and the market value of a property. For residents, a home represents memories, community connections, personal security, job security, access to services, access to friends and family – in addition to being a financial asset. On the other hand, the compensation paid for compulsorily acquired homes is ostensibly based on market value, which does not price in these factors of significant value to impacted residents. While residents contest that compensation is fairly determined even by market standards, it needs also to be underlined that market standards fail to recognise the full loss experienced by impacted residents. In the case of the Nur residential complex, the authors were able to identify a source of finance used by Steel Quality Business to fund the project, a fact that is ordinarily not disclosed by developers or banks. This provided an opportunity to assess how institutions involved in the financing of property developments assess risks associated with forced evictions. The role of financial institutions The Nur complex has received financing from Ipak Yuli Bank (IYB), which raises additional governance questions. The loan capital was provided to Steel Quality Business for the Nur complex project. It has been noted already that two individuals (Husanov and Sakenov) who have directly or indirectly held shares in Steel Quality Business also have ties to Alfa Invest and Zamon Plus Sarmoya. Both companies, in turn, have held significant shareholdings in IYB. Furthermore, when Steel Quality Business’ record was first checked in 2020, its registered address was the same as Alfa Insurance, a subsidiary of Alfa Invest Insurance, a company that has held shares in IYB. This provided evidence to indicate that there were direct ties between the developer and the bank’s shareholders. Other shareholders in IYB include a number of international investors, notably the Asian Development Bank (ADB) and the German development bank, Deutsche Investitions- und Entwicklungsgesellschaft (DEG). A series of questions were sent to the ADB and DEG by the authors regarding the finance of Nur complex. In response to these questions, the ADB stated: ‘We were informed by Ipak Yuli Bank (“IYB” or “the Bank”) that in September 2020, the Bank provided a loan to Steel Quality Business for the construction of multi-story apartment buildings within the Stage 1 (Block A) of the NUR Project (Namuna Development) (the “Loan”).’88 The ADB also advised: ‘IYB confirmed to us that prior to the approval of the Loan, IYB screened it against ADB’s prohibited investment activities list, and categorized the project in line with its environmental and social management system (ESMS) … We were informed by IYB that they undertook due diligence and confirmed that former residents of Block A were compensated by Steel Quality Business in 2020. IYB further confirmed that they did not receive any information about any disputes regarding the part of the NUR project which was financed by the Bank. In September 2022, Steel Quality Business repaid the Loan.’89 89. Personal communication, Joseph Bergin, Head of Equity Investment, Asian Development Bank, 26 October 2022. A False Sense of Legality 31