London Daily

Focus on the big picture.
Friday, Jun 20, 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
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
Iranian Military Officers Reportedly Seek Contact with Reza Pahlavi, Signal Intent to Defect
FBI and Senate Investigate Allegations of Chinese Plot to Influence the 2020 Election in Biden’s Favor Using Fake U.S. Driver’s Licenses
Vietnam Emerges as Luxury Yacht Destination for Ultra‑Rich
Plans to Sell Dutch Embassy in Bangkok Face Local Opposition
China's Iranian Oil Imports Face Disruption Amid Escalating Middle East Tensions
Trump's $5 Million 'Trump Card' Visa Program Draws Nearly 70,000 Applicants
DGCA Finds No Major Safety Concerns in Air India's Boeing 787 Fleet
Airlines Reroute Flights Amid Expanding Middle East Conflict Zones
Elon Musk's xAI Seeks $9.3 Billion in Funding Amid AI Expansion
Trump Demands Iran's Unconditional Surrender Amid Escalating Conflict
Israeli Airstrike Targets Iranian State TV in Central Tehran
President Trump is leaving the G7 summit early and has ordered the National Security Council to the Situation Room
Taiwan Imposes Export Ban on Chips to Huawei and SMIC
Israel has just announced plans to strike Tehran again, and in response, Trump has urged people to evacuate
Netanyahu Signals Potential Regime Change in Iran
Juncker Criticizes EU Inaction on Trump Tariffs
EU Proposes Ban on New Russian Gas Contracts
Analysts Warn Iran May Resort to Unconventional Warfare
Iranian Regime Faces Existential Threat Amid Conflict
Energy Infrastructure Becomes War Zone in Middle East
UK Home Secretary Apologizes Over Child Grooming Failures
Trump Organization Launches 5G Mobile Network and Golden Handset
Towcester Hosts 2025 English Greyhound Derby Amid Industry Scrutiny
Gary Oldman and David Beckham Knighted in King's Birthday Honours
Over 30,000 Lightning Strikes Recorded Across UK During Overnight Storms
Princess of Wales Returns to Public Duties at Trooping the Colour
Red Arrows Use Sustainable Fuel in Historic Trooping the Colour Flypast
Former Welsh First Minister Addresses Unionist Concerns Over Irish Language
Iran Signals Openness to Nuclear Negotiations Amid Ongoing Regional Tensions
France Bars Israeli Arms Companies from Paris Defense Expo
King Charles Leads Tribute to Air India Crash Victims at Trooping the Colour
Jack Pitchford Embarks on 200-Mile Walk to Support Stem Cell Charity
Surrey Hikers Take on Challenge of Climbing 11 Peaks in a Single Day
UK Deploys RAF Jets to Middle East Amid Israel-Iran Tensions
Two Skydivers Die in 'Tragic Accident' at Devon Airfield
Sainsbury's and Morrisons Accused of Displaying Prohibited Tobacco Ads
UK Launches National Inquiry into Grooming Gangs
Families Seek Closure After Air India Crash
Gold Emerges as Global Safe Haven Amid Uncertainty
Trump Reports $57 Million Earnings from Crypto Venture
Trump's Military Parade Sparks Concerns Over Authoritarianism
Nationwide 'No Kings' Protests Challenge Trump's Leadership
UK Deploys Jets to Middle East Amid Rising Tensions
Trump's Anti-War Stance Tested Amid Israel-Iran Conflict
Germany Holds First Veterans Celebration Since WWII
U.S. Health Secretary Dismisses CDC Vaccine Advisory Committee
Minnesota Lawmaker Melissa Hortman and Husband Killed in Targeted Attack; Senator John Hoffman and Wife Injured
Exiled Iranian Prince Reza Pahlavi Urges Overthrow of Khamenei Regime
×