JSC BTA Bank Welcomes High Court Judgement Committing Mukhtar Ablyazov to Prison16.02.2012
London, 16 February, 2012 – JSC BTA Bank welcomes the decision by the English High Court today to imprison its former chairman, Mukhtar Ablyazov, for serious contempt of court.
BTA Bank issued committal proceedings against Mr Ablyazov in the English High Court on 16 May 2011 as part of its efforts to recover $5 billion in assets.
The committal is aimed at forcing Mr Ablyazov to comply with the court’s orders requiring him to fully disclose his assets, cease dealings with assets, and repatriate any assets which were disposed of in breach of the orders.
BTA Bank First Deputy Chairman Nikolay Varenko said:
“We welcome this important step forward in the asset recovery process and the litigation against Mr Ablyazov. We believe strongly that imprisonment will limit his ability to dissipate assets, encourage him to reverse the improper disposal of assets that he has already made and disclose assets that he has tried to hide from the Bank. This judgment should serve as a signal to Mr Ablyazov’s associates that the full force of the law will be pursued to ensure court orders are obeyed.
"The fact that Mr Ablyazov defied the judge's instructions to attend the judgment hearing will not deter the Bank from its efforts to recover assets to the benefit of its creditors and shareholders. Indeed his conduct should assist the Bank to bring matters to a conclusion sooner than previously anticipated."
"The three 22 month sentences imposed by the judge reflect his view of the very serious nature of Mr Ablyazov's misconduct, as well as the lies told and documents forged to try to hide assets and dealings from the Bank".