Tuesday 28th July 2015
NEWS TICKER, Tuesday July 28th: The Spanish Mercado Alternativo Bursátil (MAB) has admitted INCLAM to list on the market’s growth company segment. The company will trade from July 29th this year. Its trading code will be INC and trading will be through a price setting mechanism which will match buy and sell orders by means of two daily auction periods or “fixings”, at 12 hrs and at 16 hrs. Stratelis Advisors is acting as registered adviser and MG Valores SV as liquidity provider. - Moody's: Al Khalij Commercial Bank (al khaliji) Q.S.C.'s asset quality and capital strengths moderated by high reliance on market funding. Al Khalij Commercial Bank (al khaliji) Q.S.C. (AKB) benefits from a solid overall financial profile which is moderated by high reliance on market funding and concentration risks, says Moody's Investors Service in the report "Al Khalij Commercial Bank (al khaliji) Q.S.C: asset quality and capital strengths are moderated by high reliance on market funding" - While German SME’s continue to be plagued by recruiting problems, according to a new KfW survey fewer are bothered about filling employment vacancies than they were back in 2010. More women and older people in the working population, increasing labour mobility and the rise in skilled labour from other EU countries is helping filling the employment gap. Even so, the survey suggests that over the longer term, skilled labour shortages could be the order of the day – In a filing with the Luxembourg Stock Exchange Bank Nederlandse Gemeenten has given notice of amended final terms to the holders of TRY77.5m notes at 10.01% due June 17th 2025 (ISIN Code: XS1247665836 and Series no. 1214) issued under the bank’s €80bn debt issuance programme. The amendment includes provision that the issuer may settlement any payment due in respect of the notes in a currency other than that specified on the due date subject to pre-agreed conditions. Deutsche Bank London is the issuing and paying agent, while Deutsche Bank Luxembourg is listing agent, paying agent and transfer agent. The Shanghai Composite Index ended down 8.5% at 3725.56, its second-straight day of losses and worst daily percentage fall since February 27th, 2007. China's main index is up 6% from its recent low on July 8, but still off 28% from its high in June. The smaller Shenzhen Composite fell 7% to 2160.09 and the small-cap ChiNext Closed 7.4%. Lower at 2683.45. The drop comes as investors wonder how long the government’s buying of blue chip stocks can last. Clearly, the government can’t be seen to be pouring good money after bad to prop up what looks to be a failed strategy of propping up the market. Disappointing corporate earnings data across the globe has affected Asia’s main indices in today’s trading. The Hang Seng Index fell 2.7%. Australia's S&PASX 200 was down 0.2%, the Nikkei Stock Average fell 1% and South Korea's Kospi was off 0.4%. Turnover also remains depressed on Chinese exchanges, with around RMB1.2trn the average volume traded, compared to more than RMB2trn before this current downturn – In other news from the Asia Pacific, New Zealand’s Financial Markets Authority (FMA) has issued a Stop Order against Green Gardens Finance Trust Limited (GGFT) and warns the public to be wary of doing business or depositing money with this company. The Stop Order prohibits GGFT from offering, issuing, accepting applications for or advertising debt securities and/or accepting further contributions, investments or deposits for debt securities – Meantime, in Australia, the Federal Court has found that Astra Resources PLC (Astra Resources) and its subsidiary, Astra Consolidated Nominees Pty Ltd (Astra Nominees), breached the fundraising provisions of the Corporations Act, as part of civil proceedings brought by ASIC. In his judgment, Justice White upheld ASIC's claims that Astra Resources and Astra Nominees breached the Corporations Act by raising funds from investors without a prospectus or similar disclosure document, as required under the law.

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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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