JSC BTA Bank v Ablyazov & Ors

JSC BTA Bank v Ablyazov & Ors

The Respondents seriously misled the court as to the beneficial ownership and control of the relevant companies, failed to comply with disclosure obligations, and provided materially false information. There was no adequate explanation or attempt to remedy the position. The court's orders were intentionally breached, and the interests of justice require revocation of relief from sanction and entry of judgment against the Respondents.

Parties
Claimant: JSC BTA Bank; First Defendant: Mukhtar Ablyazov; Second Defendant: Zhaksyllyk Zharimbetov; Third Defendant: Granton Trade Ltd; Fourth Defendant: Branden & Associates Ltd; Fifth Defendant: Aldridge Ventures Ltd; Sixth Defendant: Zafferant Partners Inc; Seventh Defendant: Forest Management Ltd; Eighth Defendant: Loginex Projects LLP; Ninth Defendant: Incompro Management Ltd; Tenth Defendant: Perspective Communications Inc; Eleventh Defendant: Austin Universal Inc; Twelfth Defendant: Maden Holding Inc
Jurisdiction
England and Wales
Judgment Date
04 October 2011
Procedural Posture
Commercial Fraud / Civil Recovery / Application to Revoke Relief From Sanction and Enter Judgment
Outcome
Relief from sanction revoked; judgment entered against Respondents
Legal Topics
Relief From Sanctions, Freezing Orders, Disclosure Obligations, Beneficial Ownership, Abuse of Process
Civil Procedure Fraud Banking Law Relief From Sanctions Freezing Orders Disclosure Obligations Beneficial Ownership Abuse of Process

Case Brief

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Parties

JSC BTA Bank

Claimant

Mukhtar Ablyazov

First Defendant

Zhaksyllyk Zharimbetov

Second Defendant

Granton Trade Ltd

Third Defendant

Branden & Associates Ltd

Fourth Defendant

Aldridge Ventures Ltd

Fifth Defendant

Zafferant Partners Inc

Sixth Defendant

Forest Management Ltd

Seventh Defendant

Loginex Projects LLP

Eighth Defendant

Incompro Management Ltd

Ninth Defendant

Perspective Communications Inc

Tenth Defendant

Austin Universal Inc

Eleventh Defendant

Maden Holding Inc

Twelfth Defendant

Procedural Posture

Commercial Fraud / Civil Recovery / Application to Revoke Relief From Sanction and Enter Judgment

Legal Issues

  1. 1 Whether the Respondents misled the court as to their beneficial ownership and control
  2. 2 Whether relief from sanction should be revoked for material non-compliance and misleading the court
  3. 3 Whether judgment should be entered against the Respondents for non-compliance with disclosure orders

Ratio Decidendi

The Respondents seriously misled the court as to the beneficial ownership and control of the relevant companies, failed to comply with disclosure obligations, and provided materially false information. There was no adequate explanation or attempt to remedy the position. The court's orders were intentionally breached, and the interests of justice require revocation of relief from sanction and entry of judgment against the Respondents.

Court Disposition

Relief from sanction revoked; judgment entered against Respondents

Orders

  • Order granting relief from sanction revoked as to Respondents
  • Judgment entered against Granton Trade Ltd, Branden & Associates Ltd, Aldridge Ventures Ltd, Zafferant Partners Inc, Forest Management Ltd, Incompro Management Ltd, Perspective Communications Inc, and Maden Holding Inc