JSC BTA Bank v Ablyazov & Ors [2011] EWHC 470 (Comm) (24 February 2011)

JSC BTA Bank v Ablyazov & Ors [2011] EWHC 470 (Comm) (24 February 2011)

Despite significant failures and non-compliance by Maden, the court found it would be unjust to enter judgment for over $1 billion without allowing a further opportunity for compliance, given the complexities and uncertainties regarding the requirements for a valid power of attorney under Latvian law. The court granted further relief from sanction, subject to strict conditions including provision of documentary proof of payments, payment of costs, and compliance with any further conditions the court may determine after receiving evidence of Latvian law requirements.

Citation
[2011] EWHC 470 (Comm)
Parties
Claimant: JSC BTA Bank; Defendant: MUKHTAR ABLYAZOV; Defendant: ZHAKSYLYK ZHARIMBETOV; Defendant: GRANTON TRADE LIMITED; Defendant: BRANDEN & ASSOCIATES LIMITED; Defendant: ALDRIDGE VENTURES LIMITED; Defendant: ZAFFERANT PARTNERS INC; Defendant: FOREST MANAGEMENT LIMITED; Defendant: LOGINEX PROJECTS LLP; Defendant: INCOMPRO MANAGEMENT LIMITED; Defendant: PERSPECTIVE COMMUNICATIONS LIMITED; Defendant: AUSTIN UNIVERSAL INC; Defendant: MADEN HOLDING INC
Jurisdiction
England and Wales
Judgment Date
24 February 2011
Procedural Posture
Commercial Court Proceedings (freezing Order Enforcement) / Application for Judgment Following Non Compliance With Unless Order; Cross Application for Relief From Sanction
Outcome
Further relief from sanction granted to Maden Holding Inc, subject to strict conditions; no judgment entered at this stage.
Legal Topics
Relief From Sanctions, Unless Orders, Freezing Orders, Disclosure Obligations, Powers of Attorney, Enforcement of Foreign Judgments
Civil Procedure Banking Law International Law Relief From Sanctions Unless Orders Freezing Orders Disclosure Obligations Powers of Attorney +1 more

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Parties

JSC BTA Bank

Claimant

MUKHTAR ABLYAZOV

Defendant

ZHAKSYLYK ZHARIMBETOV

Defendant

GRANTON TRADE LIMITED

Defendant

BRANDEN & ASSOCIATES LIMITED

Defendant

ALDRIDGE VENTURES LIMITED

Defendant

ZAFFERANT PARTNERS INC

Defendant

FOREST MANAGEMENT LIMITED

Defendant

LOGINEX PROJECTS LLP

Defendant

INCOMPRO MANAGEMENT LIMITED

Defendant

PERSPECTIVE COMMUNICATIONS LIMITED

Defendant

AUSTIN UNIVERSAL INC

Defendant

MADEN HOLDING INC

Defendant

Procedural Posture

Commercial Court Proceedings (freezing Order Enforcement) / Application for Judgment Following Non Compliance With Unless Order; Cross Application for Relief From Sanction

Legal Issues

  1. 1 Whether Maden Holding Inc complied with the conditions for relief from sanction under the Unless Order and Conditional Order
  2. 2 Whether further relief from sanction should be granted to Maden for non-compliance
  3. 3 What form of power of attorney is required to satisfy the court's order and Latvian law

Ratio Decidendi

Despite significant failures and non-compliance by Maden, the court found it would be unjust to enter judgment for over $1 billion without allowing a further opportunity for compliance, given the complexities and uncertainties regarding the requirements for a valid power of attorney under Latvian law. The court granted further relief from sanction, subject to strict conditions including provision of documentary proof of payments, payment of costs, and compliance with any further conditions the court may determine after receiving evidence of Latvian law requirements.

Court Disposition

Further relief from sanction granted to Maden Holding Inc, subject to strict conditions; no judgment entered at this stage.

Orders

  • Maden to provide documentary proof of payments specified in the schedule to iLaw's letter of 12 January 2011 within a specified period.
  • Maden to pay the costs of and occasioned by this application within a specified period.