LONDON, November 23 - RAPSI. The High Court of Justice dismissed on Tuesday the appeal of Mukhtar Ablyazov, former head of Kazakhstan's BTA Bank, against the decision to consider his putting into custody for repeated violation of injunctions, BTA Bank's press-release reads.

The arrest application was filed by BTA Bank.

The hearing on Ablyazov's arrest will commence on November 28. Additionally, the court obligated Ablyazov to compensate for all the application costs incurred by the bank.

The decision is part of the current litigation initiated by BTA and aimed at the recovery of assets and compensation of losses incurred by the bank's previous management, the press-release reads.

The criminal case against Ablyazov was initiated in early 2009 after the state acquired a stake in BTA and the bank slipped into control of Kazakhstan's sovereign fund "Samruk-Kazyn."Then Ablyazov fled from the country and is now living in the United Kingdom. He considers the charges against him politically motivated.

A Moscow district court issued an arrest warrant for Ablyazov in absentia on charges of large-scale fraud in October 2010.

In late January 2011 Kazakh Prosecutor General's Office applied to the UK authorities for Ablyazov's extradition as he was suspected of large-scale fraud and draining bank's funds through letter-box companies.

Ablyazov's misappropriations while he was BTA Bank's CEO are estimated at $4.5 billion. Seven lawsuits have been filed against the businessman.

RIA Novosti earlier found out from the sources familiar with the situation that such British banks as HSBC, Standard Chartered, RBS and Barclays incurred consequential losses amounting to $500 million. The banks hope to recover at least a part of the funds.

In early December 2010, a British court of appeals confirmed the High Court's decision to initiate receivership over Ablyazov's assets worth a total of $5 billion. His passport was taken and he was ordered to disclose his financial transactions.

In May 2011 the British court refused to recognize the bank's lawsuit against Ablyazov politically motivated and affirmed the validity of the bank's claims against its former head.

The recent hearing has become the High Court's ever largest fraud cause.

The Lawyer magazine ranked Ablyazov's case as a top-20 litigation of 2011.

The primary hearings are expected to be held in 2012.