High Court prevents Nostrum Oil & Gas chairman dealing with his assets

Oliver Haill Sharecast | 20 Mar, 2017 11:50 | | |

Nostrum Oil & Gas

n/a

n/a
n/a
n/a
  • 18,900.01
  • -0.42%-80.43
  • Max: 18,980.44
  • Min: 18,857.61
  • Volume: 0
  • MM 200 : n/a
17:19 27/03/17
  • 7,703.18
  • -0.48%-36.97
  • Max: 7,740.15
  • Min: 7,638.97
  • Volume: 0
  • MM 200 : n/a
17:19 27/03/17
  • 4,030.48
  • -0.56%-22.80
  • Max: 4,053.28
  • Min: 4,011.95
  • Volume: 0
  • MM 200 : n/a
17:19 27/03/17
  • 3,972.73
  • -0.56%-22.30
  • Max: 3,995.03
  • Min: 3,955.26
  • Volume: 0
  • MM 200 : n/a
17:19 27/03/17
  • 4.20
  • 0.84%0.04
  • Max: 4.21
  • Min: 4.11
  • Volume: n/a
  • MM 200 : n/a
17:35 27/03/17

A London High Court injunction has blocked Nostrum Oil & Gas executive chairman Frank Monstrey from dealing with his shares in the company, including voting and other rights.

The court order relates to ongoing proceedings at the High Court brought by Kazakhstan's BTA Bank against Mukhtar Ablyazov and various other defendants over charges of embezzlement, though neither of Monstrey's Claremont Holdings vehicles is a defendant to the proceedings and no substantive claim is made against them.

The High Court injunction has the effect of preventing Claremont from dealing with their assets, including any shares they hold in Nostrum Oil & Gas plc, which may prevent the exercise of the voting and other rights attached thereto.

The court hearing in related to the order is scheduled for 31 March 2017.

Last week the Moscow Commercial Court granted a petition by BTA Bank demanding to uphold and execute in Russia the London High Court ruling to collect $420m from the bank’s ex-chairman Ablyazov.

The Kazakh banker fled from Kazakhstan to the UK and was granted political asylum in 2011 after the Kazakh government acquired a stake in BTA Bank in 2009.

On Friday his trial in absentia on embezzlement charges began in Kazakhstan.

Kazakh authorities have arrested Ablyazov in absentia as they claim he has embezzled funds from BTA Bank, including stealing pension assets and personal savings of citizens as well as loans received from foreign financial institutions, which is reported at more than $7.5bn.

He is also wanted in Russia and Ukraine.

More news

27 Mar US close: Stocks end mostly lower amid doubts about Trump agenda

US stocks ended mostly lower on Monday, with the Dow notching its longest losing streak since August 2011 amid growing doubts about President Donald Trump’s ability to push through his economic agenda.

27 Mar Fed's Evans sounds dovish note

A top US central bank official sounded a relatively dovish note on Monday.

27 Mar Bonds: Treasuries start week on a strong note, Bunds underperform

These were the movements in the most closely-followed 10-year sovereign bond yields: US: 2.37% (-4bp)UK: 1.17% (-3bp)Germany: 0.42% (-0bp)France: 0.97% (-1bp)Spain: 2.20% (-3bp)Italy: 2.20% (-3bp)Portugal: 4.08% (-6bp)Greece: 7.26% (-15bp) Japan: 0.06% (-1bp)

27 Mar Europe close: Stocks end lower, but off worst levels

Europe' main indices traded lower on Monday as doubts over US president Donald Trump’s agenda crept in, sending the euro higher, despite an upbeat reading on German business confidence and positive news on the political front in the Eurozone's largest nation.

27 Mar London close: FTSE falls on resources, financials as Trump's ability to deliver scrutinised

Equities in London closed the day much lower with investors selling resources stocks and heading for gold on doubts about whether US President Donald Trump will be able to deliver on his healthcare and fiscal stimulus promises.

27 Mar Directors dealings: Babcock chief, chairman buy on weakness

Babcock's boss and chairman both picked up shares in the company they lead at the start of the week.

27 Mar US open: Dow heading to longest losing run in 6 years on Trump concerns

US stocks opened lower on Monday putting the Dow on track for its longest losing streak since 2011 amid growing doubts about President Donald Trump’s ability to push through his economic agenda.

27 Mar Tuesday preview: Ladbrokes Coral and Wolseley results due

Tuesday's financial calendar sees Ladbrokes Coral and Wolseley among the larger of those reporting results, while headlines may be grabbed by the Scottish Parliament as it votes on whether to support a second independence referendum the day before Theresa May's planned announcement about kicking off the Brexit negotiation process.

27 Mar FTSE 250 movers: Inchcape motors on; miners lose their lustre

A positive note on Inchcape saw shares in the automotive services and retailer lead the risers on the FTSE 250.

27 Mar Exova confirms discussions with potential suitors

Exova Group, noting recent market speculation, confirmed on Monday it received proposals from Element Materials Technology, Jacobs Holding and PAI Partners SAS regarding a possible cash offer for the company.