Supreme Court rejects Ablyazov's final appeal decision expedites BTA Bank's asset recovery

19:52, 26 February 2013

LONDON. February 26. KAZINFORM The Supreme Court of the United Kingdom has rejected former BTA Bank ("the Bank") Chairman Mukhtar Ablyazov's application for leave to appeal the Court of Appeal's rejection of his application against Mr Justice Teare's judgment which debarred him from defending BTA Bank's claims against him as a result of his serious contempts of court and failure to hand himself to the British authorities to serve his prison sentences. The Supreme Court refused leave to appeal on the basis that the application did not raise an arguable point of law of general public importance.

The Bank has already obtained judgments against Mr Ablyazov for approximately $2 billion in two of its claims against him; it is in the process of entering judgment for a further US$1.5 billion and will enter further judgments when it needs to.

Pavel Prosyankin, BTA Bank Managing Director overseeing the asset recovery process and Member of the Management Board of the Bank, said:

"Today's decision marks the end of Mr Ablyazov's legal manoeuvring and will expedite the enforcement of the significant judgments we have won. The Supreme Court's decision reinforces the Bank's ability to start to reverse the processes by which Mr Ablyazov fraudulently diverted assets from the Bank. We remain committed to the process to help restore the Bank's financial standing which was devastated by Mr Ablyazov's actions."

Source: bta.kz site

Courts Law and justice Banks

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