The English High Court has granted a worldwide injunction to freeze the assets of former BTA Bank chairman Mukhtar Ablyazov and other former top managers, according a BTA press release.
The injunction was issued based on evidence provided to the court that Ablyazov and his top lieutenants have defrauded BTA of approximately $300 million through a series of deals with a company which they secretly controlled, BTA said in its statement. Besides Ablyazov, the court froze the assets of former BTA deputy chairman Zhaksylyk Zharimbetov, former CEO Roman Solodchenko, three unnamed citizens of the U.K., and a U.K.-registered company connected to the individuals.
Ablyazov, Zharimbetov and Solodchenko left Kazakhstan following the government takeover of BTA in February. They are accused of bringing the bank to a brink of collapse and defrauding it of billion of dollars.
The bank is reportedly seeking to recover funds paid out in questionable deals by Ablyazov’s management. In July, it announced the hiring of British law firm Lovells LLP to advise it on debt and assets recovery.
“The bank intends to bring further claims connected to the former management’s fraudulent activities,” BTA said in a statement.
Silk Road Intelligencer