Associates and other defendants

Mukhtar Ablyazov relied on a network of associates and accomplices to assist with the alleged embezzlement of BTA Bank’s assets. In order to recover assets, the Bank brought legal actions against Mr Ablyazov and a number of his associates who include:

Syrym Shalabayev
  • Ablyazov’s brother-in-law
  • He was a director of the London-based shell company, Eastbridge Capital, which the Bank claims was used to make fraudulent transactions
  • He fled London after being convicted of contempt of court and is wanted by Interpol
  • On 28 July 2015, Syrym was found and arrested in Lithuania on an Interpol Red Notice from Ukraine
Salim Shalabayev
  • Brother of Syrym and owner of Bensbourogh Trade Inc, the registered proprietor of one of Mr Ablyazov’s properties
  • He allegedly assisted with his brother’s work at Eastbridge Capital and was either used or suggested as a nominee Ultimate Beneficial Owner of at least two of Mukhtar Ablyazov’s companies
  • Was sentenced to 22 months in prison by the UK High Court in October 2013
  • Whereabouts unknown and wanted by Interpol
Anatoly Ereshchenko
  • Director of Eastbridge Capital where he allegedly assisted in transferring misappropriated bank funds to offshore companies
  • The Bank claims that he assisted in the transfer of the AAA Investments to the BVI Defendants in January 2009
Roman Solodchenko
  • Former Chairman of the BTA Bank Management Board, accused of orchestrating the misappropriation of the AAA-rated investment bonds from the Bank
  • In November 2012, the Court entered judgment against Solodchenko for approximately US $400 million in the Drey proceedings
Zhaksylyk (Jack) Zharimbetov
  • Former Deputy Chairman of BTA’s Management Board
  • Alleged to have set up the UKB6 Department at BTA (“Corporate Business Department”), a special loan department kept separate and secret from the rest of the bank
  • Also accused of acting with his cousin, Gaziz Zharimbetov, to hide misappropriated assets through Mr Ablyazov’s London properties
Paul Kythreotis
  • A lawyer by training, he owned and operated the Starport Group of companies which provided nominee and other corporate services to several of Mr Ablyazov’s shell companies
  • BTA Bank alleges that Mr Kythreotis implemented instructions from Eastbridge Capital for fraudulent transactions with full knowledge of the fraud
  • Also a director of Bubris and Astrogold, and alleged to have backdated documents in order to conceal the true beneficial ownership of companies
  • Kythreotis was sentenced to 21 months imprisonment by the High Court 28th October 2011, which he avoided by refusing to return to the UK
  • He was subsequently sentenced to 2 months imprisonment by a Cypriot court on 10 August 2012
  • Kythreotis remains the only person to serve a prison sentence as a result of the litigation
Aleksandr Udovenko
  • Director of Eastbridge Capital and claimed to be one of Mr Ablyazov’s most trusted associates until he disappeared in 2009
  • Alleged to have organised the transfer of misappropriated bank funds to offshore companies, and was the nominee 'beneficial owner' of some of the shell companies
Certificate of State Re-registration of Legal Entity, issued by the RK Ministry of Justice on 24 January, 2008