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11.03.2022 11:45:18

New York Supreme Court awarded USD 7 billion to BTA Bank in a lawsuit against Mukhtar Ablyazov.

On March 3, 2022, Frank P. Nervo, New York State Supreme Court Justice, ruled in favour of BTA Bank JSC and ordered  Mukhtar Ablyazov to pay USD 7,100,347,862.12, with interest continuing to accrue. In addition, the court also recovered USD 505 from Ablyazov as legal costs.

Ablyazov was convicted and sentenced in Kazakhstan for embezzling billions of dollars from BTA Bank, which funds were laundered around the world through a series of fictitious loans by legal entities controlled by him. In 2012 and 2013, BTA received similar judgements against Ablyazov in the UK Courts, but he refused to comply with them. The New York Supreme Court, while recognizing these UK Court's judgments, noted that the UK Courts provided Ablyazov with "fair and impartial judiciary" and other "procedures that conform to the requirements of the due legal process".

"The U.S. and UK Courts recognized the role of Mukhtar Ablyazov in the implementation of a large-scale fraudulent scheme against BTA. There can be no doubt about this fact, and BTA is still striving to track down and recover the embezzled billions from the nominees and shell companies in which Ablyazov hid them.", - said Matthew L. Schwartz, Managing Partner in Boies Schiller Flexner LLP, BTA's attorney.

In addition to the said decision of the New York State Supreme Court, the U.S. District Court for the Southern District of New York ruled in favour of BTA and the City of Almaty and ordered  Ablyazov to pay USD 140,115.16 as a result of his violation of court orders and for contempt of judicial process. These federal court proceedings are ongoing. A hearing against a shell company, Triadou SPV S.A., is scheduled for summer 2022.

Media contacts:

Eldar Shamsutdinov / Head of the Press Service of BTA Bank JSC

E-mail: eshamsutdinov@bta.kz; press@bta.kz

Tel: +7(747) 264 08 04

Web: www.bta.kz