JSC BTA Bank v Ablyazov & Ors

JSC BTA Bank v Ablyazov & Ors

Chrysopa admitted liability for interest under the loan agreement and failed to defend the proceedings; the court is satisfied that the claimant will obtain judgment for a substantial sum, justifying an interim payment of US$65 million.

Parties
Claimant: JSC BTA Bank; Defendant: Mukhtar Ablyazov; Defendant: Ildar Khazhaev; Defendant: Anton Rybalkin; Defendant: Chrysopa Holding BV; Defendant: Usarel Investments Limited; Defendant: Lux Investing Limited
Jurisdiction
England and Wales
Judgment Date
16 March 2012
Procedural Posture
Commercial Claim / Interim Payment Application
Outcome
Interim payment application granted
Legal Topics
Interim Payment, Loan Agreement, Misappropriation, Compensation, Contract Invalidation
Commercial Law Banking Law Interim Payment Loan Agreement Misappropriation Compensation Contract Invalidation

Case Brief

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Parties

JSC BTA Bank

Claimant

Mukhtar Ablyazov

Defendant

Ildar Khazhaev

Defendant

Anton Rybalkin

Defendant

Chrysopa Holding BV

Defendant

Usarel Investments Limited

Defendant

Lux Investing Limited

Defendant

Procedural Posture

Commercial Claim / Interim Payment Application

Legal Issues

  1. 1 Whether the claimant is entitled to an interim payment against Chrysopa Holding BV under CPR 25.7(1)(a) or (c)
  2. 2 Whether Chrysopa admitted liability to pay interest under the loan agreement
  3. 3 Whether the loan agreement was a contrivance for misappropriation

Ratio Decidendi

Chrysopa admitted liability for interest under the loan agreement and failed to defend the proceedings; the court is satisfied that the claimant will obtain judgment for a substantial sum, justifying an interim payment of US$65 million.

Court Disposition

Interim payment application granted

Orders

  • Chrysopa Holding BV to pay US$65 million to JSC BTA Bank as interim payment