Civil fraud and asset recovery, Commercial disputes, International / offshoreFriday 9 October 2026
The much anticipated judgment in the case of JSC BTA Bank v Mamesh and others was handed down by the East Caribbean Court of Appeal on 7 October 2026. The claimant bank had sought permission to serve out against a large number of foreign defendants in respect of an alleged fraudulent conspiracy founded on numerous letters of credit and valued at over $230million. At the inter partes hearing, which lasted 4 days, Wallbank J had set aside permission previously granted ex parte. The bank’s appeal was dismissed. The judgment will be required reading for any claimant seeking to serve out in BVI litigation in reliance on CPR r.7.3(2). This may be the last chapter in the very long running Ablyazov litigation.
Thomas Grant KC, instructed by Matthew Freeman of Maples Group, acted for some of the successful commodity trader respondents
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