MOSCOW, November 18 - RAPSI. The High Court of Justice has dismissed the statement filed by Ildar Khazhaev, the former head of BTA Bank's Russia office, that he is "not financially able to retain counsel in the bank's actions against him", the Russian Legal Information Agency (RAPSI) reports.
The bank stated in its action filed against Khazhaev and its former Chairman of the Board Mukhtar Ablyazov that the latter embezzled $269 million in loans provided to his companies to build a four-level underground multipurpose complex in Moscow.
He argued that his participation requires substantial expenses and he is not confident that he can afford retaining skilled attorneys.
According to the documents, the court has received several actions against Khazhaev, three of which are due to commence in November 2012 and will "last for many weeks, indeed months."
A criminal case opened in early 2009 against Ablyazov, who is suspected in Kazakhstan of large-scale fraud and draining capital from the bank via sham companies.
Investigators believe Ablyazov embezzled about $4.5 billion as the bank's head.
The criminal case is supplemented by seven lawsuits against him.
After his prosecution began, Ablyazov fled to the UK. He said the accusations against him are politically-biased. However, the London court disagreed and upheld the bank's claims against him.
Litigation against Ablyazov has become the largest ever fraud case tried by the High Court of Justice in London. The Lawyer magazine included the case in the top 20 trials this year.