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

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

Nostrum Oil & Gas


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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.

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