News

Re: recovery of stolen assets from the United States of America – Court judgement in favor of BTA

Almaty, June 06, 2019 – JSC BTA Bank announced that, as a result of its asset recovery process, on May 28, 2019 the District Court of Fairfax, Virginia, USA, based on a jury’s verdict has made decision in favor of JSC BTA Bank and Joint Receivers on the joint claim in the amount of USD 6,598,313 against G.Kusainova, M.Ablyazov's sister.

Case history

On June 13, 2016, BTA brought an action before the District Court of Fairfax County, Virginia, USA claiming for damages in respect of G.Kusainova's actions which were found by the court as illegal and attributable to assistance to M.Ablyazov in transactions with the assets stolen from BTA. M.Ablyazov along with other fraudulent actions against BTA illegally sent a part of the funds stolen from BTA in the amount of about $6 million to G.Kusainova. The received funds were used by G. Kusainova for personal purposes, including purchase of several luxury real estates in the United States.

Consolidation of claims with the "Receivers" and the decision of the jury

As the BTA, Joint Receivers of the assets of M.Ablyazov, who were appointed by the English court, John Mills and David Standish, filed similar claims with the abovementioned court in August 2016.

Basis for filling the claim from Joint Receivers was the presence of facts that G.Kusainova received most of the funds through the companies affiliated with M.Ablyazov – Denmar Assets Management and Devesta Limited - that were included in the Freezing Order and Receivership Order. Later, BTA and Joint Receivers ("Co-Plaintiffs") filed motion for consolidation of claims, eventually that was granted by the court on April 19, 2017.

Court decision

On May 28, 2019, the Court had made decision in favor of BTA and Joint Receivers in the amount of USD 6,598,313 ("Decision"). In accordance with the Decision, the Court imposed for the benefit of the Co-plaintiffs an equitable lien, in the amount of USD 6,598,313 jointly upon the real properties of G.Kusainova's located in the Fairfax County and the Alexandria city (USA)

Obtaining this court decision in favor of BTA on the claim against G.Kusainova means one more important step in BTA's performance of assets recovery activity stolen by M.Ablyazov. To this day, litigations against M.Ablyazov and his co-conspirators are being conducted not only in Kazakhstan, but also in Russia, Ukraine, the United Kingdom, the United States, France and other jurisdictions. BTA is optimistic about a positive outcome in all court proceedings.

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