Friday 28th August 2015
NEWS: Thursday, August 27TH: The Hong Kong Monetary Authority says it has granted a restricted banking licence to Goldman Sachs Asia Pacific Company Limited (GSAPCL) under the Banking Ordinance. GSAPCL, incorporated in Hong Kong, is a wholly-owned banking subsidiary of the Goldman Sachs Group, Inc. The number of restricted licence banks in Hong Kong is now 24 - Apple launched its first Australian dollar corporate bond issue, raising $1.2bn within two hours this morning. Strong demand for the US tech giant’s fixed and floating, four and seven year Kangaroo bonds saw the firm outstrip predictions it would raise between $500m and $1bn. Apple bonds are popular because the AA+ rated company is considered an ultra-safe investment, although yields are correspondingly low — about 3% on four-year bonds and about 3.8% on seven-year bonds - The European Securities and Markets Authority (ESMA) has published the responses received to the Joint Committee Discussion Paper on Key Information Document for PRIIPS. The responses can be downloaded from the regulator's website - Romania’s MV Petrom reportedly is planning a secondary listing on the London Stock Exchange. According to Romanian press reports, the local investment fund Fondul Proprietatea may sell a significant stake in the company via public offering on the Bucharest Stock Exchange and London Stock Exchange. OMV Petrom, with a current market capitalisation of €4.85bn has announced that it will ask its shareholders’ approval for a secondary listing in London. The general shareholders meeting is scheduled for September 22nd. Austrian group OMV, holds 51% of the company’s shares; other shareholders include the Romanian state, via the Energy Ministry, with a 20.6% stake, and investment fund Fondul Proprietatea, which holds 19%. The remaining 9.4% is free-float - Morgan Stanley (NYSE/MS) today announced the launch of a new fund, the IPM Systematic Macro UCITS Fund, under its FundLogic Alternatives plc umbrella. The fund provides exposure to IPM’s Systematic Macro strategy, which is based on IPM’s proprietary investment models that provide unique insights into how fundamental drivers interact with the dynamics of asset price returns. The FundLogic Alternatives Platform currently has more than $2.6bn in assets under management (as of 31 July 2015) and this latest addition expands Morgan Stanley’s offering of global macro strategies - Equities sold off hard this morning as continued pressure on Chinese stocks rippled throughout world markets. Chinese government intervention brought the Shanghai Composite back a positive close; but the question is now, has confidence eroded so much that the market will continue to depend on the government to prop it up? The other key element to consider today is the outcome of the debate in the German parliament on the Greek bailout. Last month, a record 65 lawmakers from the conservative camp broke ranks and refused to back negotiations on the bailout. The daily Bild estimated that up to 120 CDU and CSU members out of 311 might refuse to back the now-agreed deal. However, Chancellor Merkel is looking to secure support from the Social Democrats (SPD), Merkel's junior coalition partner, and the opposition Greens which will likely swing the final decision Greece’s way. However, a rebellion by a large number of her allies would be a blow to the highly popular Chancellor.

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Mukhtar Ablyazov associate imprisoned, $5bn civil litigation ongoing

Tuesday, 14 August 2012
Mukhtar Ablyazov associate imprisoned, $5bn civil litigation ongoing On August 10th a Cypriot court sentenced British citizen, Paul Kythreotis, to 2 months in prison for contempt of court. Mr. Kythreotis is an associate of Mukhtar Ablyazov, former chairman of Kazakstan’s BTA Bank, who is accused of misappropriating BTA funds totalling around $10bn during his time at the bank. http://www.ftseglobalmarkets.com/

On August 10th a Cypriot court sentenced British citizen, Paul Kythreotis, to 2 months in prison for contempt of court. Mr. Kythreotis is an associate of Mukhtar Ablyazov, former chairman of Kazakstan’s BTA Bank, who is accused of misappropriating BTA funds totalling around $10bn during his time at the bank.

Kythreotis was the subject of a July 2010 English High Court order instructing him to disclose details of his assets as part of a world-wide freezing order. He failed to disclose information concerning over $68m of his personal assets, and also refused to comply with the request to provide information on a further $295m of BTA Bank assets alleged to have been misappropriated by himself, Mr. Ablyazov and other associates. He also later admitted to supplying the English court with false information. He was susequently found guilty of contempt of court and sentenced to 21 months imprisonment.

Mr.Kytherios has avoided serving his sentence by refusing to return to the UK, however BTA bank were able to successfully pursue action against him through the Cypriot legal system, where he currently resides. Despite currently residing in a Cypriot prison the English judgement and corresponding 21-month sentence remain outstanding.



Pavel Prosyankin, BTA Bank managing director, welcomed the judgement and reaffirmed the bank’s commitment to seek redress from Mr.Ablyazov and his associates, whom they allege to have misappropriated billions of dollars of funds during his tenure as chairman.

BTA Bank has launched 9 civil cases through the English High Court as a part of its restructuring agreement with creditors to recover missing assets. The proceedings were filed against Ablyazov and his associates- including Kytherios- shortly after his 2009 arrival in London. Somewhat Ironically, Ablyazov had applied for UK asylum on arrival to the UK, citing politically motivated persecution as the cause of his flight from Kazakhstan. In the early stages of the litigation, the English courts froze his assets and held his passports to prevent him fleeing the jurisdiction. However, Ablyazov subsequently fled the UK after the High Court sentenced him to prison in February 2012 and is now in hiding- his location is currently unknown.

He also has a 22-month contempt of court sentence against his name, and Justice Teare, presiding, has taken the unusual step of issuing Mr. Ablyazov an "unless order"- meaning that he will not be able to defend BTA’s suits against him should he continue to fail to comply with the outstanding court order against him. He has appealed both judgements through his lawyers, with a verdict expected in October.

Sources close to the bank have stated, "The bank’s main priority is to protect the assets [that they believe Ablyazov has misappropriated] through all legal channels so they can be returned to the bank and creditors. Ablyazov’s assets were put into receivership to prevent them from being removed or hidden, but there has been evidence that assets were improperly dealt with since then, so the bank sought and won a committal action."

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