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Palatial properties of Mukhtar Ablyazov revealed

28 september 2011, 11:28
0
Mukhtar Ablyazov.  ©Yaroslav Radlovskiy
Mukhtar Ablyazov. ©Yaroslav Radlovskiy
Mukhtar Ablyazov, who is being sued in London for £2.5billion, now faces up to two years in jail for failing to comply with court orders and disclose his property and business dealings. There are currently 6 legal actions against his in London.

Mukhtar Ablyazov, 47, is an ex-Chairman of BTA bank, Kazakhstan's then largest bank, who fled to Londong from justice in Kazakhstan. He is accused of conspiring to siphon money out of the bank through fake loans and share sales schemes. He left the once flourishing bank $12billion in debt. The bank then had to be bailed out by the Kazakh government and restuctured to reduce its debt from $12.2 billion to $4.4 billion severely hitting its international creditors that included the Royal Bank of Scotland, ABN Amro, ­Commerzbank, Standard Chartered, JPMorgan, ING, KfW, and funds DE Shaw, and Fortis Investment Management.

Ablyazov has been required by the courts to reveal his assets for more than two years, but repeated failure to do so led High Court judge Mr Justice Teare to freeze them, block any future business deals and seize his passport. The judge has expressed his astonishment that such a powerful businessman could appear to forget so much of what he owns, London Evening Standard writes.

According to the British newspaper, in May it was revealed in court that Mr Ablyazov had been using 600 shell companies to conceal his wealth, including ownership of the properties highlighted by the Standard and now held by the receiver.

What concerns Ablyasov's position in this case, according to London Evening Standard, he denies flouting any court order and is fighting the attempt to have him imprisoned. He says he is entirely innocent and the victim of political and financial persecution.

The palatial properties of Ablyazov revealed by the court inlude the property in The Bishop's Avenue, dubbed Billionaires' Row, in Hampstead where he lives with his family. He also owns properties in Egham, Windlesham, two around Camden and a large Docklands office block the size of Canary Wharf.

The original article and the photoes of the properties can be viewed here.

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