BTA Bank said a decision by a French court to deny bail to former Chairman Mukhtar Ablyazov will boost efforts by the Kazakh lender to regain control of $6 billion in assets it says were stolen by former management.
BTA Bank said a U.K. court ordered former chairman Mukhtar Ablyazov, accused of embezzlement from the Kazakh lender before its default three years ago, to pay 1.02 billion pounds ($1.63 billion) plus interest.
A British man accused of helping former BTA Bank Chairman Mukhtar Ablyazov steal $290 million from the lender was sentenced by a court in Cyprus to two months in prison for failing to comply with search warrants.
BTA Bank, the biggest Kazakh lender before its nationalization in 2009, is seeking U.K. prison terms for two men in connection with a $4 billion fraud allegedly spearheaded by former Chairman Mukhtar Ablyazov.
Former BTA Bank Chairman Mukhtar Ablyazov, accused of embezzling from the Kazakh lender before its default four years ago, was denied permission by the U.K. Supreme Court to appeal a contempt ruling and prison sentence.