French court approves Kazakh tycoon Ablyazov's extradition

March 4, 2015 2:20 PM

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French court approves Kazakh tycoon Ablyazov's extradition

PARIS (Reuters) - France's highest appeals court paved the way on Wednesday for the extradition to either Russia or Ukraine of jailed Kazakh tycoon Mukhtar Ablyazov, accused of embezzling up to $6 billion from his former bank BTA.

Ablyazov has denied accusations that he embezzled billions from BTA, the bank in which he held a majority stake and which was eventually seized by Kazakh authorities and declared insolvent in 2009. Prosecutors said he made loans to front companies he controlled which were never paid back.

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