The London High Court ruled on Tuesday that Cypriot company Usarel Investment Ltd must hand over its share in Vitino Port on the White Sea to Kazakhstan's BTA Bank. The ruling was one of several made as part of the lawsuit filed by BTA against its former top managers.
In 2009, BTA filed a suit on the alleged embezzlement of $6 billion by its former top managers in a London court. In May 2011, the court accepted the bank's complaints against former board chairman Mukhtar Ablyazov; later it ruled to detain Ablyazov for 22 months and deprived him of the right to defend his interests. However, Ablyazov disappeared and his current whereabouts are unknown.
According to the case materials, Cypriot firm Usarel and Danish Chrysopa Holding BV are shell companies, which took out a $120 million loan from BTA in 2008 for buying Vitino Port on the White Sea. The London court has decided that Usarel, to which Chrysopa reassigned the loan, must turn over its stake in the White Sea Group to the Kazakh bank, with the exception of the stake which it bought with the funds provided by the companies of the Moscow-based oil trader Rusneftekhim.
Usarel bought Vitino Port from Nitek on August 8, 2008 for around $125.9 million.
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