Hogan Lovells successfully advises BTA Bank on Ablyazov fraud case

Hogan Lovells has advised BTA Bank in a fraud case that saw the English High Court grant a further judgment in favour of BTA Bank against Mukhtar Ablyazov for approximately $400m (£245m) as part of its continuing efforts to recover assets from the bank’s former chairman.

The judgment relates to one of 11 sets of proceedings brought by BTA Bank against Mr Ablyazov and his associates in England. 

The court found that in 2008 and early 2009 Ablyazov orchestrated a series of fraudulent transactions whereby AAA-rated investment bonds held by BTA Bank, worth around $300m, were transferred to a series of shell companies in the British Virgin Islands, secretly owned and controlled by Ablyazov.

The bank received nothing at all in return: the investment bonds were stolen by Ablyazov. 

The Hogan Lovells team advising BTA Bank was led by London litigation partners Chris Hardman and Alex Sciannaca and supported by senior associate Rebecca Wales and associate James Wise.