JSC BTA Bank v Ablyazov [2012] EWHC 237 (Comm) (16 February 2012)

JSC BTA Bank v Ablyazov [2012] EWHC 237 (Comm) (16 February 2012)

The court found that the Bank had proved beyond reasonable doubt that Mr. Ablyazov was in contempt of court by failing to disclose his beneficial ownership of Bubris Investments Limited, by lying under oath regarding his ownership of certain English real estate and Schedule C companies, and by dealing with the Stantis loans in breach of the worldwide freezing order. The evidence, though circumstantial, was cogent and reliable, and no alternative inference consistent with innocence was established.

Citation
[2012] EWHC 237 (Comm)
Parties
Claimant: JSC BTA Bank; Defendant: Mukhtar Ablyazov
Jurisdiction
England and Wales
Judgment Date
16 February 2012
Procedural Posture
Contempt Application in Civil Proceedings / Judgment After Final Hearing of Contempt Application
Outcome
Application for committal for contempt granted against Mr. Ablyazov.
Legal Topics
Contempt of Court, Worldwide Freezing Order, Disclosure Obligations, Beneficial Ownership, Fraudulent Misappropriation
Civil Procedure Banking Law Fraud Asset Recovery Contempt of Court Worldwide Freezing Order Disclosure Obligations Beneficial Ownership +1 more

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Parties

JSC BTA Bank

Claimant

Mukhtar Ablyazov

Defendant

Procedural Posture

Contempt Application in Civil Proceedings / Judgment After Final Hearing of Contempt Application

Legal Issues

  1. 1 Whether Mr. Ablyazov failed to disclose beneficial ownership of Bubris Investments Limited in breach of the WFO
  2. 2 Whether Mr. Ablyazov lied under oath regarding ownership of English real estate and Schedule C companies
  3. 3 Whether Mr. Ablyazov dealt with assets (Stantis loans) in breach of the WFO

Ratio Decidendi

The court found that the Bank had proved beyond reasonable doubt that Mr. Ablyazov was in contempt of court by failing to disclose his beneficial ownership of Bubris Investments Limited, by lying under oath regarding his ownership of certain English real estate and Schedule C companies, and by dealing with the Stantis loans in breach of the worldwide freezing order. The evidence, though circumstantial, was cogent and reliable, and no alternative inference consistent with innocence was established.

Court Disposition

Application for committal for contempt granted against Mr. Ablyazov.

Orders

  • Mr. Ablyazov found guilty of contempt of court on all three allegations.
  • Further directions to be given regarding sentence and any ancillary relief.