Court Decides on Bank Embezzlement Case
A London court ordered Ilyas Khrapunov, who is the son of the former mayor of Almaty and an accomplice of the infamous oligarch Mukhtar Ablyazov, to pay BTA Bank US$500 million in compensation. As a result of an investigation, it was revealed that Khrapunov helped Ablyazov to misappropriate funds from the bank. It was reported that the total amount of damage exceeds US$6 billion.
How the Funds were Embezzled
According to reports, Khrapunov purchased three apartments at the Trump SoHo Hotel in New York and sold them shortly thereafter. The investigation found that Ilyas Khrapunov acted on behalf of several proxies while hiding his personal connection with Mukhtar Ablyazov.
What Does the Controlling Shareholder of BTA Bank Think About This?
The Controlling Shareholder of BTA Bank, Kenes (Kenges) Rakishev, regards the ruling of the British court as a significant step towards the important objective of recovering the misappropriated funds.
In Rakishev’s words, ““Mukhtar Ablyazov has been hiding behind a smokescreen of self-styled political dissidence in his efforts to evade international justice. This ruling from the British High Court is a significant step towards recovering more than $6 billion embezzled by Mr. Ablyazov and his co-conspirators.”
Further investigations have revealed that Ilyas Khrapunov and Mukhtar Ablyazov are not the only people implicated in the scandal involving the theft of public funds. The court in Almaty is now considering a case against Ilyas Khrapunov’s parents, Ilyas-Victor and Leila Khrapunov. The spouses of the two accused men are accused of taking bribes, engaging in fraudulent activity and abusing authority. Damages are estimated at US$250 million.