JSC BTA Bank v Ablyazov & Ors

JSC BTA Bank v Ablyazov & Ors

Despite significant failures and noncompliance, entering judgment for over $1 billion would be unjust given the complexities and unforeseen difficulties in executing an effective power of attorney; further relief from sanction is granted subject to new conditions.

Parties
Claimant: JSC BTA Bank; Twelfth Defendant: Maden Holding Inc
Jurisdiction
England and Wales
Judgment Date
24 February 2011
Procedural Posture
Commercial / Interlocutory Application for Judgment and Relief From Sanction
Outcome
Further relief from sanction granted to Maden Holding Inc, subject to new conditions.
Legal Topics
Relief From Sanction, Freezing Orders, Disclosure Obligations, Execution of Power of Attorney
Civil Procedure Commercial Law Relief From Sanction Freezing Orders Disclosure Obligations Execution of Power of Attorney

Case Brief

Summary, issues, holding and outcome

More case intelligence is available

Unlock the full research layer for this judgment.

Full judgment text Downloadable case file Legal principles 2 Authorities cited 1 Party arguments 2 Amounts and remedies 3
Sign in to unlock

Parties

JSC BTA Bank

Claimant

Maden Holding Inc

Twelfth Defendant

Procedural Posture

Commercial / Interlocutory Application for Judgment and Relief From Sanction

Legal Issues

  1. 1 Whether Maden Holding Inc complied with the conditional order requiring execution of a power of attorney
  2. 2 Whether relief from sanction should be granted for noncompliance
  3. 3 What constitutes substantial compliance with the conditional order

Ratio Decidendi

Despite significant failures and noncompliance, entering judgment for over $1 billion would be unjust given the complexities and unforeseen difficulties in executing an effective power of attorney; further relief from sanction is granted subject to new conditions.

Court Disposition

Further relief from sanction granted to Maden Holding Inc, subject to new conditions.

Orders

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