BREAKING NEWS: High Court sentences Ablyazov's accomplice to 21 months in jail

ASTANA. November 2. KAZINFORM The High Court in London has sentenced Paul Kythreotis to 21 months in prison for contempt of court in connection with the BTA Bank's fraud charges against its former chairman Mukhtar Ablyazov and his accomplices.

Paul Kythreotis is one of the main accomplices of Ablyazov. Through his Cyprus-based business Kythreotis directed a network of Ablyazov-controlled offshore companies. Kythreotis and his employees fraudulently directed funds away from BTA to a dozen shell companies.

BTA is seeking recovery of around USD 300 million stolen by Ablyazov, Solodchenko and others.

The High Court requested Kythreotis to reveal his assets, and where the funds were transferred. Kythreotis admitted in his testimony that he provided false information to the court because, according to him, he was threatened by the other-respondents. However, the Bank found and provided to the court correspondence, in which Kythreotis demanded Ablyazov and his brother-in-law Shalabayev to pay him 4.5 million pounds.

U.K. citizen Kythreotis resides in Cyprus. BTA is considering possible measures to recognize this ruling in Cyprus.