In a move that has no doubt delighted some in Astana, London-based businessman Mukhtar Ablyazov has fallen foul of the British legal system in his long-running High Court battle with Kazakhstan’s BTA Bank.
On February 16 Judge Nigel Teare ordered Ablyazov be jailed for 22 months for contempt of court. He accused Ablyazov of “deliberate and brazen” deception in concealing assets he was ordered to disclose, including a house worth a million pounds on The Bishops Avenue, a swish London address nicknamed “billionaires’ row.”
Ablyazov is being sued in the London High Court by BTA Bank, the financial institution he chaired and owned through undeclared holdings until the state forcibly nationalized it in 2009.
BTA alleges Ablyazov has defrauded it of $5 billion, a charge he denies.
To read the full story