LONDON, December 21 - RAPSI. The High Court of Justice in London has held against an appeal filed by Kazakh BTA bank's top managers, including former BTA head Mukhtar Ablyazov, against the ruling to continue proceedings in their case, according to the court documents made available to the Russian Legal Information Agency (RAPSI/rapsinews.com).
Former BTA's top managers, including Mukhtar Ablyazov, Roman Solodchenko and Zhaksylk Zharimbetov, challenged the High Court's earlier judgments and sought to terminate the case initiated by BTA against them.
BTA filed lawsuits against top managers in attempt to take back the assets misappropriated by them and to compensate for the resultant losses. The court upheld the bank's claim in May.
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-Kazyna." Then Ablyazov fled from the country and is now living in the United Kingdom. He considers the charges against him politically motivated.
Kazakhstan applied to the UK authorities for Ablyazov's extradition as he was suspected of large-scale fraud and draining bank's funds through shell companies.
Ablyazov's misappropriations while he was BTA Bank's CEO are estimated at $4.5 billion. Seven lawsuits have been filed against him.
Russia has also opened a case against Ablyazov. A Moscow district court issued an arrest warrant for Ablyazov in absentia in October 2010 on charges of the large-scale fraud.
In early December 2010, a court of appeals confirmed the High Court's decision to initiate receivership over Ablyazov's assets worth a total of $5 billion since he had not complied with the 2009 order to freeze his assets.
The High Court is presently hearing BTA's petition to impose interim measures on Ablyazov including his arrest for repeated defiance of the court's orders.