Mukhtar Ablyazov to hear on prison sentence in ?3bn fraud case

Feb 15. Telegraph

By Jonathan Russell

Mukhtar Ablyazov to hear on prison sentence in ?3bn fraud caseMukhtar Ablyazov, the former chairman of BTA Bank who is currently fighting lawsuits totalling ?3bn, faces imprisonment on Thursay if he is found to be in contempt of court.

The London resident who is accused by the Kazakhstan bank of siphoning off billions of dollars during his time in charge will hear judgment on a contempt hearing in which he is accused of violating court orders relating to disclosure of information.

The committal hearing against Mr Ablyazov started in November (Stuttgart: A0Z24E – news) last year and ran for over a month. During the hearing he was accused of failing to comply with court orders as well as hiding and dissipating assets.

The former banker has been ordered to attend the High Court today.

Two other individual connected to the case Paul Kythreotis, a former business associate of Mr Ablyazov and Syrym Shalabayev, brother-in-law and associate of Mr Ablyazov, were given prison sentences after being found in contempt of court.

Both cases related to the BTA trial.

Mr Ablyazov fled Kazakhstan in 2009 as BTA Bank, the bank that he chaired, was nationalised. He was granted asylum in the UK over fears of political persecution. He currently lives in an exclusive street in North London and has offices in the City.

He denies any wrongdoing, claiming the case being brought against him is politically motivated by the Kazakhstan government to hide the mistakes made the running of BTA Bank.