Ex-Kazakh CEO Gets 2 Years For Shielding Watch Collection

Law360, London (August 29, 2019, 3:28 PM BST) -- The former head of Kazakhstan Kagazy found to have swindled the recycling company out of $200 million was sentenced to two years in prison Thursday for his “flagrant” breach of an order to hand over an expensive wristwatch collection.

High Court Judge Stephen Phillips found Kazakhstan Kagazy PLC’s former shareholder and CEO Maksut Arip in contempt of court for failing to deliver the watch collection, including a Richard Mille timepiece worth $225,000, as partial payment of a $300 million fraud judgment against him.

“There is a flagrant breach and disobedience of the court order with no attempt to explain that disobedience,”...

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