![Mukhtar Ablyazov. Photo by Yaroslav Radlovskiy©](/userdata/news_en/2012/news_9626/thumb_b/photo_16127.jpg)
The companies related to ex-chairman of BTA Bank Mukhtar Ablyazov were misleading London’s High Court and had no valid defense on creditors’ case, Bloomberg writes citing judge Stephen Tomlinson a saying. Eight companies appealed against the court’s ruling that they failed to prove their noninvolvement in Ablyazov’s alleged fraud. This ruling means that the court may rule in favor of BTA Bank and deprive the companies of the right to defend their interests in court. All the companies, registered in the British Virgin Islands and Seychelles, were sued by BTA Bank to recover around $1.5 billion allegedly stolen by Ablyazov. According to Tomlinson, former chairman of BTA is accused of opening offshore companies for making sham transactions. The court “had indeed been seriously misled,” Tomlinson said. Earlier Tengrinews.kz English reported that ex-chairman of BTA Bank appealed the court’s ruling on March 8. London’s High Court sentenced Ablyazov to 22 months in jail on February 16. Later the court ruled out to deprive him of the right to defend in court if he does not give in to the British court by March 9. However, as the appeal was filed one day prior to this deadline, the decision of depriving Ablyazov of the right to defend will not come into effect until the appeal is reviewed.
The companies related to ex-chairman of BTA Bank Mukhtar Ablyazov were misleading London’s High Court and had no valid defense on creditors’ case, Bloomberg writes citing judge Stephen Tomlinson a saying.
Eight companies appealed against the court’s ruling that they failed to prove their noninvolvement in Ablyazov’s alleged fraud. This ruling means that the court may rule in favor of BTA Bank and deprive the companies of the right to defend their interests in court.
All the companies, registered in the British Virgin Islands and Seychelles, were sued by BTA Bank to recover around $1.5 billion allegedly stolen by Ablyazov. According to Tomlinson, former chairman of BTA is accused of opening offshore companies for making sham transactions. The court “had indeed been seriously misled,” Tomlinson said.
Earlier Tengrinews.kz English reported that ex-chairman of BTA Bank appealed the court’s ruling on March 8.
London’s High Court sentenced Ablyazov to 22 months in jail on February 16. Later the court ruled out to deprive him of the right to defend in court if he does not give in to the British court by March 9. However, as the appeal was filed one day prior to this deadline, the decision of depriving Ablyazov of the right to defend will not come into effect until the appeal is reviewed.