OREANDA-NEWS. The English High Court has today handed down further judgments in favour of BTA at the conclusion of a series of trials which commenced in November 2012.

In November 2012, the High Court granted judgment against Mr. Ablyazov in the amount of USD 2 billion plus interest, in what are known as the "Drey" and "DCM" proceedings. At the same time, the Court granted judgment against Roman Solodchenko, former Chairman of BTA's Management Board, in the amount of approximately USD 400 million in the "Drey" proceedings.

In his decision delivered today, Mr. Justice Teare granted judgments in the "Drey", "Granton" and "Vitino" actions against:

(1) Zhaksylyk Zharimbetov (former Deputy chairman of the Bank's Management Board) in the amount of approximately USD 1.5 billion, plus interest in the "Drey" and "Granton" actions;

(2) Usarel Investments Limited (a Cyprus company which owns, indirectly, the valuable Vitino port facility on the White Sea in Russia) requiring Usarel to transfer to BTA shares in the companies which own and operate the port and to compensate BTA in the event that the value of those shares does not exceed USD 120 million, plus interest; and

(3) Ildar Khazhaev (former Head of the Bank's representative office in Moscow) to compensate BTA to the extent that the value of the abovementioned Vitino shares is less than USD 120 million, plus interest.

Mr. Justice Teare also indicated today that he will grant further judgments in BTA's favour against Mr. Ablyazov (in the "Vitino" and "Granton" actions). These further judgments are expected to exceed approximately USD 1.5 billion.

Pavel Prosyankin, BTA Managing Director overseeing the asset recovery process and Member of BTA's Management Board, said:

"The Bank is very satisfied with today's decision. Mr. Justice Teare has not only awarded very substantial sums to the Bank in full satisfaction of these claims, but has also made detailed findings as to how Mr. Ablyazov, supported by trusted associates like Mr. Zharimbetov , Mr. Khazhaev and others, routinely used the Bank's money for fraudulent transactions for his personal benefit. The Court has also demonstrated that it will unwind transactions which involved the fraudulent diversion of the Bank's monies. The Bank will continue to take steps in England, the CIS and elsewhere to recover assets taken from it by Mr. Ablyazov."