How Billionaires in London Use Secret Luxury Homes to Hide Assets

March 2, 2015/Bloomberg

It’s being sold to repay BTA Bank after British courts seized assets from the Kazakh lender’s one-time chairman, billionaire Mukhtar Ablyazov. The lender accused him of embezzling about $6 billion from the bank, claims he says are false and politically motivated.

It took the U.K. High Court to establish that the home, with its marble bathrooms, crystal chandeliers and cherry-wood elevator, belongs to the 51-year-old, because the property was bought through a network of offshore companies that hid his identity. He argued it was his brother-in-law’s and he just rented it after his family moved to England in 2009.

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