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Kazakhstan's BTA Bank seeks arrest of former head

Kazakhstan's BTA Bank seeks arrest of former head

Kazakhstan's BTA Bank has asked Britain's High Court to arrest the bank's former chairman Mukhtar Ablyazov for failing to disclose his assets.
BTA Bank, which is pursuing Ablyazov for more than $4 billion in compensation for alleged fraud during the global credit crunch, said Wednesday that the former executive has breached court orders in those proceedings several times.
The bank says it has discovered evidence of more than 600 shell companies used by Ablyazov to hide his wealth.
BTA claims Ablyazov and former CEO Roman Solodchenko conspired to siphon money from the bank before fleeing from Kazakhstan to London.
The bank was nationalized in 2009 and later defaulted on around $12 billion of debt held by international banks.


Updated : 2021-03-03 16:36 GMT+08:00