JSC BTA Bank v Ablyazov

JSC BTA Bank v Ablyazov

The court found, beyond reasonable doubt, that Mr. Ablyazov was the true beneficial owner of Bubris Investments Limited, certain English real estate (Carlton House, Oaklands Park, Alberts Court), and the Schedule C companies (FM Company, Bergtrans, Carsonway), and that he deliberately failed to disclose these assets and lied under oath. The court also found that he dealt with the Stantis loans in breach of the worldwide freezing order, and that documents relied upon by Mr. Ablyazov to justify his actions were fabricated. His conduct was deliberate and intended to impede the administration of justice and frustrate the court's orders.

Parties
Claimant: JSC BTA Bank; Defendant: Mukhtar Ablyazov
Jurisdiction
England and Wales
Judgment Date
16 February 2012
Procedural Posture
Contempt Application (civil/commercial) / Judgment After Trial of Contempt Application
Outcome
Mr. Ablyazov found guilty of contempt of court on multiple grounds.
Legal Topics
Contempt of Court, Worldwide Freezing Order, Asset Disclosure, Fraud, Receivership, Beneficial Ownership, Evidential Standards
Civil Procedure Commercial Law Banking Law Contempt of Court Worldwide Freezing Order Asset Disclosure Fraud Receivership +2 more

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Parties

JSC BTA Bank

Claimant

Mukhtar Ablyazov

Defendant

Procedural Posture

Contempt Application (civil/commercial) / Judgment After Trial of Contempt Application

Legal Issues

  1. 1 Whether Mr. Ablyazov was in contempt of court by failing to disclose assets in breach of a worldwide freezing order
  2. 2 Whether Mr. Ablyazov lied on oath regarding his assets and beneficial ownership of various companies and properties
  3. 3 Whether Mr. Ablyazov dealt with assets in breach of the freezing order

Ratio Decidendi

The court found, beyond reasonable doubt, that Mr. Ablyazov was the true beneficial owner of Bubris Investments Limited, certain English real estate (Carlton House, Oaklands Park, Alberts Court), and the Schedule C companies (FM Company, Bergtrans, Carsonway), and that he deliberately failed to disclose these assets and lied under oath. The court also found that he dealt with the Stantis loans in breach of the worldwide freezing order, and that documents relied upon by Mr. Ablyazov to justify his actions were fabricated. His conduct was deliberate and intended to impede the administration of justice and frustrate the court's orders.

Court Disposition

Mr. Ablyazov found guilty of contempt of court on multiple grounds.

Orders

  • Finding of contempt entered against Mr. Ablyazov for failure to disclose assets, lying under oath, and dealing with assets in breach of the worldwide freezing order.
  • Penalty to be determined after further submissions from counsel.