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Kazakh billionaire faces debarment
2nd March 2012
Mukhtar Ablyazov, the former chairman of JSC BTA Bank, has been threatened with debarment by the High Court. In what is being described as the biggest commercial claim of 2012, the latest development in the case surrounding the Kazakhstani will result in him being unable to carry out any professional activities unless he hands himself in and discloses his assets by swearing a new affidavit within the next fortnight.
Ablyazov’s whereabouts are currently unknown, and a warrant has already been issued for his arrest. The firm representing the fallen banker is expected to shortly begin an expedited appeal, which initially prompted concerns that his upcoming court appearance could have been disrupted by its timing. This, however, has been addressed by Mr Justice Teare, who announced that, if Ablyazov’s representatives lose their appeal, the debarment will begin in earnest immediately.
A hugely significant case, those in legal jobs responsible for the proceedings are preparing for a trial which could last as long as four months.