French court denies bail to Ablyazov

Oct 08. Tengrinews

By Dinara Urazova

French court denies bail to AblyazovThe Court of Appeal in Lyon dismissed Mukhtar Ablyazov’s appeal to be released on bail, Tengrinews reports citing AFP.

Luc Fontaine, chairman of the arraignment chamber explained this by lack of the guarantees that Ablyazov would remain in the country if released. This was the third time that Ablyazov sought bail release in France. And he was denied it for the very same reason every time – the French court believes he would flee as soon as released.

The former head of Kazakhstan-based BTA bank fled his Central Asian homeland in 2009. He was accused of fraud and embezzling $6 billion.

In 2013 Ablyazov was arrested in Aix-en-Provence. He has been held in custody in France since.

Kazakhstan is not the only country that has suffered damages from the fugitive tycoon. Russia accuses Ablyazov of embezzling $5 billion, while Ukraine – of $400 million. He can be extradited to both the Russians and the Ukrainians from France but not to Kazakhstan, which does not have an extradition treaty with France.

The French court first ruled in favour of the fugitive tycoon’s extradition to both of these post soviet countries, but the decision was overturned after a technical error was found – some of the official court documents lacked Ablyazov’s signature. This returned the case back for a new trial.

Last month, President of Ukraine Petro Poroshenko commented on the case and said there would be no cooperation on the issue with Russia.