Ministry of Justice of Kazakhstan and JSC “BTA Bank” Secure Victory in U.S. Jury Trial Against Ablyazov and Khrapunov Associates
The Ministry of Justice of the Republic of Kazakhstan and JSC “BTA Bank” have emerged victorious in a U.S. jury trial against associates of M. Ablyazov and V. Khrapunov, as reported by DKnews.kz. The three-week trial held in the U.S. District Court for the Southern District of New York resulted in a complete win for the Akimat of Almaty and BTA Bank on all three claims against Felix Sater, Bayrock Group, Inc, Global Habitat Solutions, and MeM Energy Partners LLC. The jury found illegal appropriation of property, unjust enrichment, and receipt of monetary funds, awarding compensation exceeding $32 million in damages.
During the trial, compelling evidence of fraud committed by Mukhtar Ablyazov against BTA Bank and Viktor Khrapunov against the city of Almaty was presented for the first time in a Western court. Ablyazov’s fraudulent activities led to the collapse of BTA Bank, while Khrapunov’s actions caused damage to the residents of Almaty amounting to over $300 million.
Felix Sater, a twice-convicted individual, played a significant role in helping Ilyas Khrapunov invest stolen funds into the U.S., using companies like Bayrock Group, Inc. and Global Habitat Solutions to conceal the money. Testimonies from various witnesses, including former BTA Bank employees and U.S. investors, were heard during the trial, with Sater and Mochkin undergoing rigorous cross-examination.
The jury ultimately rejected the testimonies of Sater and Mochkin, concluding that they knowingly laundered money stolen by Ablyazov and Khrapunov. Two defendants settled the claims against them, agreeing to return the stolen money, while another defendant is in default. This victory follows a previous verdict in 2022 against Triadou SPV S.A., controlled by Ilyas Khrapunov, where Ablyazov and the Khrapunovs were found guilty of contempt of court.
The Ministry of Justice of Kazakhstan and BTA Bank have demonstrated their commitment to combatting international fraud and protecting the interests of Kazakhstan through this significant legal victory.