BusinessCorporate FinanceOne of UK’s biggest fraud trials heads for High Court

One of UK's biggest fraud trials heads for High Court

One of the UK’s biggest fraud trials over the fight for a Tajikistan aluminium smelter heads for Hight Court

One of the biggest fraud trials in British history, arising from a fight for
control of an aluminium smelter in Tajikistan, is heading for the High Court,
expecting to cost almost £90m in legal fees based on hourly rates of the City’s
top lawyer at £750 – only slightly below Tajikistan’s annual per capita GDP.

The case surrounds allegations of bribery and corruption by Talco, a
state-owned Tajikistan aluminium smelter against its former business partner
Azar Nazarov, a Tajikistan businessman who is now based in the UK, The Times
reports.

Talco claims Nazarov and Ansol, his Guernsey holding company, sucked more
than $500m (£315m) in profits from the smelter from 1996 to 2004 through a
corrupt relationship with the plant’s former manager.

It further alleges extravagant bribes were paid, including a £300,000 flat in
Marylebone for the manager’s son to use. In a separate action in the British
Virgin Islands, Talco has also accused Rusal, Ansol’s former joint venture
partner, of being involved in the fraud, but failed in a bid to include the
Russian company as a defendant in the case in London.

Further reading:

Read
The Times story

Related Articles

Grant Thornton recruits new corporate finance partner

Accounting Firms Grant Thornton recruits new corporate finance partner

8m Emma Smith, Managing Editor
Total fraud value at £2bn five-year high, finds BDO

Accounting Firms Total fraud value at £2bn five-year high, finds BDO

8m Stephanie Wix, Writer
MHA MacIntyre Hudson appoints corporate finance director

Accounting Firms MHA MacIntyre Hudson appoints corporate finance director

8m Stephanie Wix, Writer
Tax avoidance crackdown sees 80% jump in additional HMRC revenue

Accounting Firms Tax avoidance crackdown sees 80% jump in additional HMRC revenue

8m Stephanie Wix, Writer
Making Tax Digital: the "unexpected item in the bagging area"

Accounting Standards Making Tax Digital: the "unexpected item in the bagging area"

9m Stephanie Wix, Writer
Tyrie on Finance Bill 2017: ‘Making Tax Policy Better’

Consulting Tyrie on Finance Bill 2017: ‘Making Tax Policy Better’

8m Stephanie Wix, Writer
KPMG announces senior partner promotion in Newcastle

Accounting Firms KPMG announces senior partner promotion in Newcastle

8m Stephanie Wix, Writer
Independent city firm reports 70% growth

Accounting Firms Independent city firm reports 70% growth

8m Stephanie Wix, Writer