Ablyazov may have fled Britain over Ј3 billion fraud case

17.02.2012
    By Rob Parsons and Paul Cheston
    The billionaire accused of being the world's biggest fraudster was today found guilty of contempt of court - but may have already fled the country.
    Mr Justice Teare ruled at the High Court that Mukhtar Ablyazov committed the offences while trying to hide his massive wealth fr om his creditors.
    But Ablyazov failed to appear for today's judgment and lawyers for BTA, the Kazakhstan national bank wh ere he was chairman, said it was possible that he may have tried to leave Britain. Ablyazov is being sued for a record $5 billion (Ј3.2 billion).
    He fled to London from his homeland when BTA collapsed with debts of $12 billion (Ј7.6 billion). He is accused of conspiring to siphon money out of the bank through a series of fake loans and share sales. The Royal Bank of Scotland, 83 per cent owned by the government, is among the creditors. They will receive 50 per cent of any clawback from Ablyazov.
    He hah been granted political asylum and lives in The Bishops Avenue in Hampstead, dubbed Millionaires' Row.
    There are nine different legal actions against Ablyazov and his aides, and he has been criticised savagely by Mr Justice Teare over the past two years of legal proceedings. The judge has condemned what he sees as delaying tactics and blatant attempts to hide his fortune and disobey court orders.
    As a result he ordered that Ablyazov's worldwide assets be placed into receivership and seized his passport. Stephen Smith QC, for BTA, said that after being given the draft judgment Mr Ablyazov may have left the country or be trying to leave. He said: "It does appear to us the flight risk, that he would flee rather than face the consequences of the ruling, may be in the process of materialising."
    Mr Smith urged the judge to issue a warrant for Ablyazov's arrest when he imposed a sentence later today and said airports and the coastguard should be alerted. Duncan Matthews QC, for Ablyazov, denied that his client had left Britain.
    The Kazakhstan government is seeking to have Ablyazov extradited to stand trial. He has denied flouting court orders and says he is the victim of political and financial persecution by Nursultan Nazarbayev, president of the former Soviet Union republic.
    Two of his key lieutenants have been jailed for failing to comply with court orders during the marathon hearings at the High Court.
    Last year British national Paul Kythreotis was sentenced to 21 months imprisonment for failing to disclose his assets and supplying false information to the court.
    The sentence was imposed by the Master of the Rolls Lord Neuberger and Lord Justices Carnwath and Jackson sitting in the Court of Appeal. Kythreotis, who believed to be in Cyprus, claimed he had been forced to lie by threats and intimidation by other defendants, according to This is London.