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JSC BTA Bank v Ablyazov [2013] EWCA Civ 928

In a recent instalment of the long-running Ablayazov litigation, the Court of Appeal has upheld the judgment of Christopher Clarke J ([2012] 2 All ER (Comm) 1243), confirming that Mr Ablyazov's rights to borrow under certain loan agreements were not "assets" within the meaning of the freezing order to which he was subject. Further, by exercising his rights to borrow, Mr Ablyazov was not "dealing with" "disposing of" or "diminishing the value of" any assets. Importantly, freezing orders should be strictly construed and there was no warrant to interpreting the order as prohibiting Mr Ablyazov from funding his legal or other expenses in the manner has had chosen to via the use of loan agreements as in the instant case.

Duncan Matthews QC and Charlotte Tan acted for the Defendant, Mr Ablyazov (instructed by Addleshaw Goddard).