The Freezing Injunction of the English Court in relation to the assets of Bulat Utemuratov has been revoked

As a result of negotiations between the representatives of Bulat Utemuratov and BTA Bank a confidential agreement has been executed under which BTA Bank shall withdraw its claim. The Freezing Injunction of the English Court in relation to the assets of Bulat Utemuratov has been revoked in accordance with the agreement.

The reason for settlement of BTA Bank’s claims against Bulat Utemuratov and his related persons and entities is an agreement on provision of documents that can prove non-participation of Bulat Utemuratov, his affiliated and related persons and entities in laundering funds embezzled from BTA Bank by Mukhtar Ablyazov and his co-conspirators and their affiliated and related persons and companies. Some significant documents were provided prior to the execution of the agreement.

The parties have also agreed to cooperate in relation to any data exchange that might be helpful for BTA Bank’s asset recovery efforts.

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