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Ablyazov's accomplice sentenced to jail at Cyprus

13 august 2012, 12:41
0
Photo courtesy of vesti.kz
Photo courtesy of vesti.kz
Cyprus court sentenced British citizen Paul Kythreotis, an accomplice of the former chairman of BTA Bank Mukhtar Ablyazov, to jail for contempt of court, Tengrinews.kz reports citing the press-service of BTA Bank.

Along with Ablyazov, Kythreotis is one of the accused in the trial for $295 million initiated by BTA Bank. Kythreotis was taken into custody in the courtroom. He is the first accomplice of Ablyazov who was taken into custody during this trial.

“We welcome the today’s decision of Cyprus court on imprisonment of one of the main accomplices of Mr. Ablyazov. We initiated this trial to break the schemes that Ablyazov and his allies use to illegally hide and spend the assets. The bank is to achieve compensation of the losses from everyone involved in the fraud, as well as those who helped hide the money and assets embezzled from BTA,” Managing Director and board member of the bank Pavel Prosyankin said.

The ruling of Cyprus court was made after High Court of England sentenced Kythreotis to 21 months in jail for contempt of court. However, the ruling did not come into effect, as he refused to return to Great Britain.

On July 29, 2010 the court commanded Kythreotis to provide details information on his assets for $68.3 million amid the ruling on international freezing of the assets. Besides, he had to give the details on the $295 million that were illegally siphoned off. However, Kythreotis did not give any details and in fact confessed that he had provided the court with false statements.

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