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    British court orders arrest of brother-in-law of Kazakh BTA bank ex-head

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    The High Court of England has issued an international arrest warrant for Syrym Shalabayev, brother-in-law of Mukhtar Ablyazov, the fugitive ex-head of Kazakhstan's No.3 lender BTA bank, following legal proceedings launched against the bank's former management, BTA bank said in a statement on Friday.

    The High Court of England has issued an international arrest warrant for Syrym Shalabayev, brother-in-law of Mukhtar Ablyazov, the fugitive ex-head of Kazakhstan's No.3 lender BTA bank, following legal proceedings launched against the bank's former management, BTA bank said in a statement on Friday.

    One of Kazakhstan's richest men, Ablyazov was part of Kazakh President Nursultan Nazarbayev's inner circle and ran BTA, the country's largest bank at the time, before he had a falling-out with the state and fled to London in 2009.

    BTA was nationalized under a billion-dollar debt restructuring plan, after defaulting in 2009.

    In January, Kazakhstan asked Britain to extradite Ablyazov, from whom BTA bank seeks billions of dollars in compensation for alleged misappropriation through shell companies.

    BTA bank accused Shalabayev of managing Ablyazov's assets and hiding them from the court. The court found him guilty of contempt of court and ignoring its orders to produce necessary information.

    Earlier in May, a British court ruled that Kazakhstan's legal proceedings against Ablyazov were not politically motivated, while The Lawyer magazine included the case in the list of 20 most important cases in 2011.

    Last October, a Moscow court ordered Ablyazov's arrest in absentia for a large scale fraud.

    ALMATY, Kazakhstan, May 27 (RIA Novosti)

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