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“The team was recently visible advising on a number of pharmaceutical cases. Sources agree that the team is “moving in the right direction” and are particularly impressed by its work in the pharmaceutical sector”.

 

The Court Refused Release on Bail of M. Ablyazov Accused of Embezzlement of USD 6 bln

11.10.2016

On October 7, the Lyons Court of Appeal refused release on bail of Mukhtar Ablyazov, a former owner of BTA Bank. It is reported by the reputable Ilyashev & Partners Law Firm representing BTA Bank, the victim of the actions of Ablyazov’s OCG.

M. Ablyazov is waiting for extradition to Russia or Ukraine on charges of financial fraud and theft of more than USD 6 bln and is currently detained in the French prison.

“BTA Bank welcomes the decision of the court, which once again confirms that Ablyazov, who is prone to running away from justice, still has to be brought to justice for the crimes committed”, commented Roman Marchenko, Senior Partner at Ilyashev & Partners Law Firm, who has been working on the “Ablyazov case” for more than 7 years.

Recall that Mukhtar Ablyazov, as the owner and the top manager of BTA Bank, misappropriated large amounts of money, financed the personal projects at the expense of investors. Much of the money was stolen and withdrawn through the offshore companies. The oligarch, who once held the post of the Minister of Energy of Kazakhstan, is accused of embezzlement of more than USD 6 bln in Kazakhstan. Similar claims are brought by the Ukrainian and Russian authorities accusing him of embezzlement in the local “daughter companies” of BTA Bank.

The English courts previously granted the claims of BTA against Ablyazov and his accomplices for more than USD 4.3 bln. The London court also sentenced the banker to 22 months in prison for perjury, but Ablyazov escaped from serving punishment and was “on the run” until arrest on the Cote d’Azur in France in July 2013. Upon arrest, Ablyazov had been detained in the French prisons.

 
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