Mukhtar Ablyazov, a Kazakh oligarch accused of embezzling at least $5 billion from one of Kazakhstan's largest banks BTA, has been sentenced to 22 months in jail in Britain for contempt of court, Reuters reported.

High Court Judge Nigel Teare said on Thursday, Feb 16, Ablyazov had lied in a deliberate, substantial and brazen way about his ownership of companies and property as well as dealing with assets in breach of a worldwide freezing order.

"The seriousness of Mr Ablyazov's conduct, in my judgment, requires immediate custody," he told the court on Thursday, adding that an arrest warrant would be issued.

The 49-year-old billionaire, who denies allegations he says are designed purely to eliminate him as an opponent to Kazakh president Nursultan Nazarbayev, did not attend court, prompting speculation by BTA's counsel he might be fleeing.

"If we're right, we need that (arrest) warrant as soon as possible so we can alert ports and airports," BTA's counsel Stephen Smith stated. He asked for confirmation Ablyazov's passports and travel documents, which have been confiscated by the court, were in a secure location.

Ablyazov's counsel Duncan Matthews said there was no indication his client was attempting to leave Britain. But he conceded Ablyazov had felt it would not be in his interest to show up in court. "I'm not suggesting he's indisposed with a mild head cold," he said.

Handing down a near maximum sentence for contempt of court, Teare said Ablyazov might win partial reprieve if he admitted to wrongdoing, including admitting to his ownership of assets that include a mansion on The Bishops Avenue, London's premier billionaire's row.

But he said Ablyazov should spend at least 12 months behind bars.