by Charles van der Leeuw
Banking fraud’s impact on economics and financials in Kazakhstan and beyond: the affair of BTA’s former management and affiliated cases
Celestial Mountains Publications
length: 334 pages
format to download: PDF
The story of Mukhtar Ablyazov, one-time major shareholder and chief executive of Kazakhstan’s BTA bank, tells how well over 10 billion US dollar is supposed to have been reaped through his network of close to 800 fake companies. But there is more to it: digging into the backgrounds of Ablyazov’s schemes exposes numerous “connections” between his self-made networks, related cases in Kazakhstan and finally the big dark world of global organised crime. Kazakhstan’s largest-ever banking fraud scandal has made headlines all over the world for years now, and affected the course of justice in many countries, varying from England to Kyrgyzstan. The case of Mukhtar Ablyazov, former major shareholder and president of BTA bank, has also affected the Kyrgyz banking sector, all but undermined during the 5-year period under the Bakiyev regime. This book explains how a multi-billion embezzlement network as built up, with additional chapters on related cases. But it also tries to explain the vicious global financial and monetary concept which allows white-collar crooks to commit multi-billion fraud schemes and get away with them, victimizing, in particular, people on the lower end of the social ladder.