Following on from David Cameron’s anti-corruption summit, luxury properties in the capital worth up to £11 million are to be auctioned off. Reports state that the High court seized the properties from a Kazakh businessman who has been accused on stealing billions from the bank he ran. It’s the story of Zhaksylyk Zharimbetov who helped Kazakh billionaire Mukhtar Ablyazov embezzle money from the Kazakh BTA bank, which was backed by Royal Bank of Scotland, collapsed and then was bailed out by taxpayers in 2008.

It was when the banks came after the men for compensation that they reportedly came to London, however lawyers of BTA trawled through offshore accounts and shell companies to find evidence that the properties were in fact owned by Zharimbetov. With a granted court order, the banks seized the properties and are due to auction them off.

This example of greed and corruption is the exact reason as to why the PM is enforcing these anti-corruption laws. As Rachel Davies, head of UK advocacy and research at Transparency International stated, it will ‘shatter the veil of secrecy that allows individuals to hide illicit wealth.’ It’s a step towards a more equal and transparent luxury industry, which might be a first for this one.

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