London Daily

Focus on the big picture.
Sunday, Jul 06, 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
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
London Stock Exchange Faces Historic Low in Initial Public Offerings
A new online platform has emerged in the United Kingdom, specifically targeting Muslim men seeking virgin brides
Trump Celebrates Independence Day with B-2 Flyover and Signs Controversial Legislation
Boris Johnson Urges Conservatives to Ignore Farage
SNP Ordered to Update Single-Sex Space Guidance Within Days
Starmer Set to Reject Calls for Wealth Taxes
Stolen Century-Old Rolls-Royce Recovered After Hotel Theft
Macron Presses Starmer to Recognise Palestinian State
Labour Delayed Palestine Action Ban Over Riot Concerns
Swinney’s Tax Comments ‘Offensive to Scots’, Say Tories
High Street Retailers to Enforce Bans on Serial Shoplifters
Music Banned by Henry VIII to Be Performed After 500 Years
Steve Coogan Says Working Class Is Being ‘Ethnically Cleansed’
Home Office Admits Uncertainty Over Visa Overstayer Numbers
JD Vance Questions Mandelson Over Reform Party’s Rising Popularity
Macron to Receive Windsor Carriage Ride in Royal Gesture
Labour Accused of ‘Hammering’ Scots During First Year in Power
BBC Head of Music Stood Down Amid Bob Vylan Controversy
Corbyn Eyes Hard-Left Challenge to Starmer’s Leadership
London Tube Trains Suspended After Major Fire Erupts Nearby
Richard Kemp: I Felt Safer in Israel Under Attack Than in the UK
Cyclist Says Police Cited Human Rights Act for Riding No-Handed
China’s Central Bank Consults European Peers on Low-Rate Strategies
AI Raises Alarms Over Long-Term Job Security
Saudi Arabia Maintains Ties with Iran Despite Israel Conflict
Musk Battles to Protect Tesla Amid Trump Policy Threats
Air France-KLM Acquires Majority Stake in Scandinavian Airlines
UK Educators Sound Alarm on Declining Child Literacy
Shein Fined €40 Million in France Over Misleading Discounts
Brazil’s Lula Visits Kirchner During Argentina House Arrest
Trump Scores Legislative Win as House Passes Tax Reform Bill
Keir Starmer Faces Criticism After Rocky First Year in Power
DJI Launches Heavy-Duty Coaxial Quadcopter with 80 kg Lift Capacity
U.S. Senate Approves Major Legislation Dubbed the 'Big Beautiful Bill'
Largest Healthcare Fraud Takedown in U.S. History Announced by DOJ
Poland Implements Border Checks Amid Growing Migration Tensions
Political Dispute Escalates Between Trump and Musk
Emirates Airline Expands Market Share with New $20 Million Campaign
Amazon Reaches Milestone with Deployment of One Millionth Robot
US Senate Votes to Remove AI Regulation Moratorium from Domestic Policy Bill
Yulia Putintseva Calls for Spectator Ejection at Wimbledon Over Safety Concerns
Jury Deliberations in Diddy Trial Yield Partial Verdict in Serious Criminal Charges
House Oversight Committee Subpoenas Former Jill Biden Aide Amid Investigation into Alleged Concealment of President Biden's Cognitive Health
King Charles Plans Significant Role for Prince Harry in Coronation
Two Chinese Nationals Arrested for Espionage Activities Against U.S. Navy
Amazon Reaches Major Automation Milestone with Over One Million Robots
Extreme Heat Wave Sweeps Across Europe, Hitting Record Temperatures
Meta Announces Formation of Ambitious AI Unit, Meta Superintelligence Labs
Robots Compete in Football Tournament in China Amid Injuries
×