[2][3][4] While continuing to formally belong to Valērijs Belokoņs, on 6 July 2015, Manas Bank was placed into insolvent liquidation.
On 24 October 2014, the arbitral tribunal awarded Belokoņs a US$15 million compensation (plus legal costs) for the “expropriation” of Manas.
The court further held that the arbitral award must be annulled because to allow its enforcement would reward Belokoņs for “criminal activities”, which would be contrary to French international public policy.
Bank records presented to the court showed that client accounts had been opened in the names of people whose identification documents, including passport details, had been stolen.
When interviewed on request by the Belarus police, he told officers he had never signed any of the documents and knew nothing about Manas Bank or Lakerock.