JSC BTA Bank v Ablyazov and others

[2011] EWHC 202 (Comm)

17th February 2011

High Court


A Kazakh bank brought a series of claims worth in excess of US$1 billion for repayment of sums from its former chairman, who was alleged to have fraudulently misappropriated those sums from the bank. The Defendant denied the claims and applied for a stay of the actions on the basis that they were politically motivated and/or were actions involving the indirect enforcement of a foreign penal, revenue or other public law. The stay applications were held to be non-justiciable save for the allegation that the bank had a collateral purpose in bringing the claims.

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