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Kazakhstan Oligarch Suffers Setback in London Legal Battle

London-based Kazakh oligarch Mukhtar Ablyazov has suffered a setback in his British court battle with BTA Bank, the financial institution he once owned in Kazakhstan before he was ousted as chairman and the bank was forcibly nationalized in 2009. The latest High Court ruling allowing BTA to pursue its fraud case against Ablyazov will be welcomed by the bank, and perhaps also behind the scenes by President Nursultan Nazarbayev: Ablyazov, now his implacable foe, has fired off a stream of damaging allegations against the president and his son-in-law Timur Kulibayev since moving to London in 2009.

The High Court ruled on May 10 against Ablyazov’s bid to stay BTA’s $4 billion fraud case against him, clearing the way for the bank to continue proceedings.

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Kazakhstan Oligarch Suffers Setback in London Legal Battle

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