London Daily

Focus on the big picture.
Saturday, May 31, 2025

U.K. Court Freezes Up to $5 Billion Tied to Alleged Kazakhstan Bank Theft

U.K. Court Freezes Up to $5 Billion Tied to Alleged Kazakhstan Bank Theft

A U.K. civil court froze up to $5 billion in assets including stakes in luxury hotels, cash in bank accounts in half a dozen countries and a Burger King franchise, as part of an international legal saga that ensnared Kazakhstan’s richest businessmen, according to court documents.
The Business and Property Courts of England and Wales issued the asset freeze on Nov. 13, based on a petition from Kazakhstan’s state-owned BTA Bank, which has alleged for years that its former bank chairman stole more than $6 billion and laundered it through shell companies around the world. The freeze is among the biggest granted by the court, according to lawyers who work there.

The case is part of a set of civil court disputes involving BTA in the U.S., U.K. and more than a dozen other jurisdictions. Defendants have long maintained BTA’s accusations are false and based on a political vendetta that pits political and business elites against each other in Kazakhstan, an oil- and gas-rich ex-Soviet state.

Both sides have spent tens of millions of dollars on top lawyers and private investigators over more than a decade. BTA alleged that the stolen money ended up in hidden bank accounts and assets around the world including a shopping mall in Cincinnati.

A U.K. court in 2012 ruled in BTA’s favor, issuing a $4.9 billion civil judgment against the former bank chairman, Mukhtar Ablyazov, and Iliyas Khrapunov, his son-in-law. Mr. Ablyazov refused to engage with the British courts, leading to him being held in contempt. He resides in France.

Messrs. Ablyazov and Khrapunov deny the allegations, according to their lawyers.

U.K. Judge Neil Calver ordered the new asset freeze based on fresh allegations from BTA. The bank said Bulat Utemuratov, a financier, former Kazakhstan government adviser and board member of the International Tennis Federation, worked with 11 other individuals and companies to help hide money stolen from the bank, the court documents showed.

Mr. Utemuratov denied the allegations. “The claim was based on false documents provided by BTA Bank JSC and its lawyers,” said Olga Abdrakhmanova, spokeswoman for Mr. Utemuratov and Verny Capital, one of the defendants in the freezing order, where Mr. Utemuratov is a lead investor. “We will make an application to have this claim discharged.”

A spokeswoman for BTA Bank said it welcomed the court’s decision, but declined to comment further.

The new order seeks to freeze assets including bank accounts at institutions including UBS Group AG, Credit Suisse Group AG, EFG International AG and DBS Group Holdings Ltd., and companies that own stakes in the Ritz-Carlton-branded hotels in Moscow, Vienna and Nur-Sultan, Kazakhstan. The Burger King franchise of Kazakhstan, owned by a company controlled by Mr. Utermuratov, is also included. Representatives of the banks declined to comment.

Mr. Ablyazov took control of BTA in 2004 after his business partner died in a freak wolf-hunting accident. The bank was later taken over by the Kazakh government, which alleged he and his associates stole billions through a series of fraudulent loans.

A Facebook post under Mr. Ablyazov’s name on Saturday responded to the freezing order, denying the money laundering allegations and saying that a top Kazakh intelligence official was trying to “destroy Utemuratov physically and financially.”

Mr. Khrapunov, who BTA has alleged played a pivotal role in laundering money for Mr. Ablyazov, said in a statement provided by his lawyer that the new allegations were “ridiculous and fictional” and based on “fabricated documents.” He said BTA Bank was bringing the case against Mr. Utemuratov to take him out as a political opponent.
Newsletter

Related Articles

0:00
0:00
Close
Satirical Sketch Sparks Political Spouse Feud in South Korea
Indonesia Quarry Collapse Leaves Multiple Dead and Missing
South Korean Election Video Pulled Amid Misogyny Outcry
Asian Economies Shift Away from US Dollar Amid Trade Tensions
Netflix Investigates Allegations of On-Set Mistreatment in K-Drama Production
US Defence Chief Reaffirms Strong Ties with Singapore Amid Regional Tensions
Vietnam Faces Strategic Dilemma Over China's Mekong River Projects
Malaysia's First AI Preacher Sparks Debate on Islamic Principles
White House Press Secretary Criticizes Harvard Funding, Advocates for Vocational Training
France to Implement Nationwide Smoking Ban in Outdoor Spaces Frequented by Children
Meta and Anduril Collaborate on AI-Driven Military Augmented Reality Systems
Russia's Fossil Fuel Revenues Approach €900 Billion Since Ukraine Invasion
U.S. Justice Department Reduces American Bar Association's Role in Judicial Nominations
U.S. Department of Energy Unveils 'Doudna' Supercomputer to Advance AI Research
U.S. SEC Dismisses Lawsuit Against Binance Amid Regulatory Shift
Alcohol Industry Faces Increased Scrutiny Amid Health Concerns
Italy Faces Population Decline Amid Youth Emigration
U.S. Goods Imports Plunge Nearly 20% Amid Tariff Disruptions
OpenAI Faces Competition from Cheaper AI Rivals
Foreign Tax Provision in U.S. Budget Bill Alarms Investors
Trump Accuses China of Violating Trade Agreement
Gerry Adams Wins Libel Case Against BBC
Russia Accuses Serbia of Supplying Arms to Ukraine
EU Central Bank Pushes to Replace US Dollar with Euro as World’s Main Currency
Chinese Woman Dies After Being Forced to Visit Bank Despite Critical Illness
President Trump Grants Full Pardons to Reality TV Stars Todd and Julie Chrisley
Texas Enacts App Store Accountability Act Mandating Age Verification
U.S. Health Secretary Ends Select COVID-19 Vaccine Recommendations
Vatican Calls for Sustainable Tourism in 2025 Message
Trump Warns Putin Is 'Playing with Fire' Amid Escalating Ukraine Conflict
India and Pakistan Engage Trump-Linked Lobbyists to Influence U.S. Policy
U.S. Halts New Student Visa Interviews Amid Enhanced Security Measures
Trump Administration Cancels $100 Million in Federal Contracts with Harvard
SpaceX Starship Test Flight Ends in Failure, Mars Mission Timeline Uncertain
King Charles Affirms Canadian Sovereignty Amid U.S. Statehood Pressure
Trump Threatens 25% Tariff on iPhones Amid Dispute with Apple CEO
Putin's Helicopter Reportedly Targeted by Ukrainian Drones
Liverpool Car Ramming Incident Leaves Multiple Injured
Australia Faces Immigration Debate Following Labor Party Victory
Iranian Revolutionary Guard Founder Warns Against Trusting Regime in Nuclear Talks
Macron Dismisses Viral Video of Wife's Gesture as Playful Banter
Cleveland Clinic Study Questions Effectiveness of Recent Flu Vaccine
Netanyahu Accuses Starmer of Siding with Hamas
Junior Doctors Threaten Strike Over 4% Pay Offer
Labour MPs Urge Chancellor to Tax Wealthy Over Cutting Welfare
Publication of UK Child Poverty Strategy Delayed Until Autumn
France Detains UK Fishing Vessel Amid Post-Brexit Tensions
Calls Grow to Resume Syrian Asylum Claims in UK
Nigel Farage Pledges to Reinstate Winter Fuel Payments
Boris and Carrie Johnson Welcome Daughter Poppy
×