High Court rules that billionaire fraudster should lose three luxury properties

It is alleged that Kazakh businessman, Mukhtar Ablyazov, embezzled more than $6bn during his time as chairman of BTA Bank

A billionaire fraudster is set to lose three of his luxury properties in Britain's most exclusive postcodes after a High Court ruling.

Kazakh businessman Mukhtar Ablyazov fled the UK on a Europe-bound coach last year after he was sentenced to 22 months imprisonment for contempt over failing to declare the full extent of his wealth.

It is alleged that he embezzled more than $6bn during his time as chairman of BTA Bank between 2005 and 2009, which he denies. The bank is now pursuing Mr Ablyazov in the High Court over 11 separate claims in a bid to recover its funds.

His whereabouts are currently unknown, but should Mr Ablyazov return to the UK he might find himself in far less comfortable surroundings than he's accustomed to.

Receivers KPMG have been given the go ahead to put properties worth a combined £41m up for sale.

The jewel in the crown is Carlton House, which was once his main UK residence. The 15,000-square-foot mansion is situated on the The Bishop's Avenue (often dubbed “Billionaires' Row”) in North London.

For £20m, buyers would get a 50-foot long ballroom for entertaining, nine bedrooms with Italian marble ensuites and a wood-panelled lift to be used should a journey up the sweeping oval staircase prove too strenuous. 

Residents could enjoy a “heated mosaic swimming pool”, a 12-person Turkish bath and a library. The property also has a “Thunderbirds-style vehicle lift” which takes drivers from the forecourt to the underground four-car garage.

Hugo Thistlethwayte, of the Prime Purchase buying agency, said: “It's a very special road. It has very large detached houses with big gardens and it has always been favoured by international purchasers.”

Also up for sale is the 100-acre Oaklands Park estate in Egham, valued at £20m. It was formerly owned by US computer billionaire Michael Dell and comes with tennis courts and a helipad.

Mr Ablazyov's position is that he has never owned these two expensive properties, and that it was the Court that ruled that they are his.

His lawyers have also set in motion a claim against the UK at the European Court of Human Rights after he was debarred from defending the claims against him.

A more modest flat, in London's St John's Wood near Lord's Cricket Ground, has an estimated value of £900,000-£1.1m. It has a 24-hour porter service as well as a communal swimming pool and gym.

BTA Bank Managing Director Pavel Prosyankin, who is overseeing the asset recovery process, said in a statement: “This order is another important step forward in the Bank's effort to recover the billions of dollars in assets which Mr Ablyazov misappropriated while Chairman. We can now move to liquidate these assets. The Bank will continue to leverage the English High Court judgments to pursue assets across the globe.”

Start your day with The Independent, sign up for daily news emails
Have you tried new the Independent Digital Edition apps?
ebooks
ebooksA celebration of British elections
  • Get to the point
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs General

Ashdown Group: Trainee Consultant - Surrey/ South West London

£22000 per annum + pension,bonus,career progression: Ashdown Group: An establi...

Ashdown Group: Trainee Consultant - Surrey / South West London

£22000 per annum + pension,bonus,career progression: Ashdown Group: An establi...

Ashdown Group: Recruitment Consultant / Account Manager - Surrey / SW London

£40000 per annum + realistic targets: Ashdown Group: A thriving recruitment co...

Ashdown Group: Part-time Payroll Officer - Yorkshire - Professional Services

£25000 per annum: Ashdown Group: A successful professional services firm is lo...

Day In a Page

Fishing for votes with Nigel Farage: The Ukip leader shows how he can work an audience as he casts his line to the disaffected of Grimsby

Fishing is on Nigel Farage's mind

Ukip leader casts a line to the disaffected
Who is bombing whom in the Middle East? It's amazing they don't all hit each other

Who is bombing whom in the Middle East?

Robert Fisk untangles the countries and factions
China's influence on fashion: At the top of the game both creatively and commercially

China's influence on fashion

At the top of the game both creatively and commercially
Lord O’Donnell: Former cabinet secretary on the election and life away from the levers of power

The man known as GOD has a reputation for getting the job done

Lord O'Donnell's three principles of rule
Rainbow shades: It's all bright on the night

Rainbow shades

It's all bright on the night
'It was first time I had ever tasted chocolate. I kept a piece, and when Amsterdam was liberated, I gave it to the first Allied soldier I saw'

Bread from heaven

Dutch survivors thank RAF for World War II drop that saved millions
Britain will be 'run for the wealthy and powerful' if Tories retain power - Labour

How 'the Axe' helped Labour

UK will be 'run for the wealthy and powerful' if Tories retain power
Rare and exclusive video shows the horrific price paid by activists for challenging the rule of jihadist extremists in Syria

The price to be paid for challenging the rule of extremists

A revolution now 'consuming its own children'
Welcome to the world of Megagames

Welcome to the world of Megagames

300 players take part in Watch the Skies! board game in London
'Nymphomaniac' actress reveals what it was really like to star in one of the most explicit films ever

Charlotte Gainsbourg on 'Nymphomaniac'

Starring in one of the most explicit films ever
Robert Fisk in Abu Dhabi: The Emirates' out-of-sight migrant workers helping to build the dream projects of its rulers

Robert Fisk in Abu Dhabi

The Emirates' out-of-sight migrant workers helping to build the dream projects of its rulers
Vince Cable interview: Charging fees for employment tribunals was 'a very bad move'

Vince Cable exclusive interview

Charging fees for employment tribunals was 'a very bad move'
Iwan Rheon interview: Game of Thrones star returns to his Welsh roots to record debut album

Iwan Rheon is returning to his Welsh roots

Rheon is best known for his role as the Bastard of Bolton. It's gruelling playing a sadistic torturer, he tells Craig McLean, but it hasn't stopped him recording an album of Welsh psychedelia
Morne Hardenberg interview: Cameraman for BBC's upcoming show Shark on filming the ocean's most dangerous predator

It's time for my close-up

Meet the man who films great whites for a living
Increasing numbers of homeless people in America keep their mobile phones on the streets

Homeless people keep mobile phones

A homeless person with a smartphone is a common sight in the US. And that's creating a network where the 'hobo' community can share information - and fight stigma - like never before