Judge Won't Thaw Freeze Over Kazakh Bank's Stolen Assets

Law360, London (February 15, 2018, 5:27 PM GMT) -- Kazakhstan's JSC BTA Bank on Thursday blocked an attempt by the son-in-law of its former chairman Mukhtar Ablyazov to set aside a worldwide asset-freezing order against the two relatives, in the latest step of its long-running battle to claw back $6 billion it claims Ablyazov embezzled during his time in charge.

Ilyas Khrapunov, Ablyazov's son-in-law, who BTA Bank alleges conspired with Ablyazov to hide the former chairman's assets, said the freezing order should be scrapped because the bank failed to disclose that it had recovered assets that it claimed were owned by Khrapunov.

But in a ruling handed down in the...

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