Lawyers were today preparing to move in to seize the massive property empire owned by runaway billionaire Mukhtar Ablyazov.
The Kazakhstan banker, who is accused of being the world’s biggest fraudster, is being sued for £3 billion in the British courts.
After two years of legal battles lawyers representing the banks he is accused of defrauding today hailed “the beginning of the end” for him.
Three Appeal Court judges threw out last ditch applications by Mr Ablyazov, who fled Britain in 2009 after being threatened with prison.
In a hard-hitting ruling the judges said: “It is difficult to imagine a party to commercial litigation who has acted with more cynicism, opportunism and deviousness toward court orders than Mr Ablyazov.” The banker, 48, has repeatedly failed to comply with High Court orders to reveal his worldwide assets and business dealings.
As a result his assets were frozen and today’s ruling means that lawyers representing the banks can start to take control of them.
The father of four had fled to Britain to claim political asylum after the $13 billion collapse of the state bank he had run. As he fought legal action in the English courts he lived with his family in The Bishops Avenue, Hampstead. He also owned a myriad of companies, further property in Egham, Windlesham and two in Camden which are all eligible to be seized.
Mr Ablyazov’s property portfolio in Britain is worth more than £63 million. The Bishops Avenue property — Carlton House — is worth £17 million.
Mr Ablyazov is accused of conspiring to syphon money out of the BTA bank through a series of fake loans and share sales, leaving it in financial meltdown. RBS is among the creditors which will receive 50 per cent of any claw-back from successful legal action.
High Court judge Mr Justice Teare, who has heard most of the marathon court hearings, had described the proceedings as “extraordinary” involving a number of legal firsts. Today’s Appeal Court rulings were made unanimously by Lord Justices Maurice Kay, vice president of the Court of Appeal civil division, Rix and Toulson.
