English High Court orders the sale of Ablyazov’s UK properties

May 21. BTA Bank. Almaty

English High Court orders the sale of Ablyazov’s UK propertiesThe English High Court has issued a final charging order which authorises the KPMG receivers to sell three of Mukhtar Ablyazov’s luxury UK properties.

The decision is part of the legal action being pursued by JSC BTA Bank to recover assets misappropriated from the bank during Mukhtar Ablyazov’s time as Chairman of the Board of Directors. It follows several important High Court judgements in favour of the Bank in the amount of approximately US $ 3.7 billion.

The UK High Court’s decision authorises the sale of the following properties:

A mansion on Bishop’s Avenue, North London, known as Carlton House. The property features a 50ft ballroom, a library, 9 bedroom suites, a swimming pool and a 12-person Turkish bath.

A 100 acre estate in Windsor, UK, known as Oaklands Park. The property comprises 8 houses, arboretum, tennis courts, lakes, woodlands and a helipad.

An apartment in a gated development in St John’s Wood in London known as Albert’s Court.

Pavel Prosyankin, BTA Bank Managing Director overseeing the asset recovery process and Member of the Management Board of the Bank, said:

“This order is another important step forward in the Bank’s effort to recover the billions of dollars in assets which Mr Ablyazov misappropriated while Chairman. We can now move to liquidate these assets. The Bank will continue to leverage the English High Court judgements to pursue assets across the globe.”

http://www.bta.kz/en/press/news/2013/05/21/684/

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