French court approves Kazakh tycoon Ablyazov's extradition

Dissident Kazakh oligarch Mukhtar Ablyazov is seen in Almaty in this November 27, 2006 file photo. REUTERS/Vladimir Tretyakov

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 (3.9 billion pounds) 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.