London Daily

Focus on the big picture.
Wednesday, Jan 07, 2026

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
Béla Tarr, Visionary Hungarian Filmmaker, Dies at Seventy After Long Illness
UK and France Pledge Military Hubs Across Ukraine in Post-Ceasefire Security Plan
Prince Harry Poised to Regain UK Security Cover, Clearing Way for Family Visits
UK Junk Food Advertising Ban Faces Major Loophole Allowing Brand-Only Promotions
Maduro’s Arrest Without The Hague Tests International Law—and Trump’s Willingness to Break It
German Intelligence Secretly Intercepted Obama’s Air Force One Communications
The U.S. State Department’s account in Persian: “President Trump is a man of action. If you didn’t know it until now, now you do—do not play games with President Trump.”
Fake Mainstream Media Double Standard: Elon Musk Versus Mamdani
HSBC Leads 2026 Mortgage Rate Cuts as UK Lending Costs Ease
US Joint Chiefs Chairman Outlines How Operation Absolute Resolve Was Carried Out in Venezuela
Starmer Welcomes End of Maduro Era While Stressing International Law and UK Non-Involvement
Korean Beauty Turns Viral Skincare Into a Global Export Engine
UK Confirms Non-Involvement in U.S. Military Action Against Venezuela
UK Terror Watchdog Calls for Australian-Style Social Media Ban to Protect Teenagers
Iranian Protests Intensify as Another Revolutionary Guard Member Is Killed and Khamenei Blames the West
Delta Force Identified as Unit Behind U.S. Operation That Captured Venezuela’s President
Europe’s Luxury Sanctions Punish Russian Consumers While a Sanctions-Circumvention Industry Thrives
Berkshire’s Buffett-to-Abel Transition Tests Whether a One-Man Trust Model Can Survive as a System
Fraud in European Central Bank: Lagarde’s Hidden Pay Premium Exposes a Transparency Crisis at the European Central Bank
Trump Announces U.S. Large-Scale Strike on Venezuela, Declares President Maduro and Wife Captured
Tesla Loses EV Crown to China’s BYD After Annual Deliveries Decline in 2025
UK Manufacturing Growth Reaches 15-Month Peak as Output and Orders Improve in December
Beijing Threatened to Scrap UK–China Trade Talks After British Minister’s Taiwan Visit
Newly Released Files Reveal Tony Blair Pressured Officials Over Iraq Death Case Involving UK Soldiers
Top Stocks and Themes to Watch in 2026 as Markets Enter New Year with Fresh Momentum
No UK Curfew Ordered as Deepfake TikTok Falsely Attributes Decree to Prime Minister Starmer
Europe’s Largest Defence Groups Set to Return Nearly Five Billion Dollars to Shareholders in Twenty Twenty-Five
Abu Dhabi ‘Capital of Capital’: How Abu Dhabi Rose as a Sovereign Wealth Power
Diamonds Are Powering a New Quantum Revolution
Trump Threatens Strikes Against Iran if Nuclear Programme Is Restarted
Apple Escalates Legal Fight by Appealing £1.5 Billion UK Ruling Over App Store Fees
UK Debt Levels Sit Mid-Range Among Advanced Economies Despite Rising Pressures
UK Plans Royal Diplomacy with King Charles and Prince William to Reinvigorate Trade Talks with US
King Charles and Prince William Poised for Separate 2026 US Visits to Reinforce UK-US Trade and Diplomatic Ties
Apple Moves to Appeal UK Ruling Ordering £1.5 Billion in Customer Overcharge Damages
King Charles’s 2025 Christmas Message Tops UK Television Ratings on Christmas Day
The Battle Over the Internet Explodes: The United States Bars European Officials and Ignites a Diplomatic Crisis
Princesses Beatrice and Eugenie Join Royal Family at Sandringham Christmas Service
Fine Wine Investors Find Little Cheer in Third Year of Falls
UK Mortgage Rates Edge Lower as Bank of England Base Rate Cut Filters Through Lending Market
U.S. Supermarket Gives Customers Free Groceries for Christmas After Computer Glitch
Air India ‘Finds’ a Plane That Vanished 13 Years Ago
Caviar and Foie Gras? China Is Becoming a Luxury Food Powerhouse
Hong Kong Climbs to Second Globally in 2025 Tourism Rankings Behind Bangkok
From Sunniest Year on Record to Terror Plots and Sports Triumphs: The UK’s Defining Stories of 2025
Greta Thunberg Released on Bail After Arrest at London Pro-Palestinian Demonstration
Banksy Unveils New Winter Mural in London Amid Festive Season Excitement
UK Households Face Rising Financial Strain as Tax Increases Bite and Growth Loses Momentum
UK Government Approves Universal Studios Theme Park in Bedford Poised to Rival Disneyland Paris
UK Gambling Shares Slide as Traders Respond to Steep Tax Rises and Sector Uncertainty
×