In Russia, on suspicion of fraud detained an American investor

The founder of the Baring Vostok Foundation, a US citizen Michael Calvey, was detained in Moscow.

He is accused of embezzling 2,5 billion rubles (37,7 million dollars) from Vostochny Bank, writes Newspaper.ru.

Along with him, Ivan Zyuzin, the director of the investment fund, Philippe Delpal’s financial sector partner, Vahan Abgaryan, advisor to the board of Norvik Bank, Alexey Kordichev, and the First Collection Bureau CEO Maxim Vladimirov, were also detained.

So far, the Investigative Committee of Russia has not issued an official statement on this case. Russian news agencies describe the essence of the claims against Calvi and his partners with the words of the investigator who spoke at the Basmanny Court.

The amount in 2,5 billion rubles was provided by Vostochny Bank on credit to the First Collection Bureau. According to the investigator, Calvi with Delpalle and other unidentified persons persuaded the bank’s shareholders to vote for an agreement on compensation, according to which, instead of returning the debt to Vostochny, 59,9% of International Financial Technology Group shares were transferred. They were estimated at 3 billion rubles, despite the fact that their real market value was 600 thousand rubles, writes RIA News".

The businessman, speaking at the trial, stated that he had informed the management about the corporate conflict with the shareholders of Vostochny Bank Sherzod Yusupov and Artem Avetisyan, it even went to trial in the London arbitration. At the same time Yusupov testified against Calvi.

According to Calvi, Yusupov was the main negotiator for the deal with the First Collection Bureau (PCB).

“He had access to the entire array of documents related to the transaction, and he is a very highly qualified specialist. There is no way to argue that he was misled, ”the American stressed.

Sherzod Yusupov, in initiating this case, according to Calvi, was motivated by two motives - to create leverage on the proceedings in a London court and, second, to strengthen the bargaining position in order to raise the share price when placing the additional issue of the bank, which Baring Vostok buys, so that Avetisyan’s share and its associated shareholders decreased less significantly.

“When the investigation understands the situation, it will be convinced that the charges of Yusupov have no grounds. I believe in the objectivity of Russian justice, because I have been working in Russia for a long time. We were suing a lot here to protect our company, and I was convinced of the effectiveness and reliability of Russian justice, ”Calvi said, addressing the court.

Following the results of the court hearings, Michael Calvey has not yet been arrested, but detained for 72 hours. The next trial will take place on February 16 in 13: 00.

The bank "Vostochny" stressed that they work as usual and assist the investigation.

“The Bank provides the necessary assistance to the investigative activities carried out by law enforcement agencies. The circumstances of the investigated criminal case do not affect the current activities of the bank. As part of this criminal case, Vostochny Bank, as the injured party, is counting on compensation for damage caused to the bank, ”the bank said in a statement.

In the investment fund, Baring Vostok also stated that investigative actions had no impact on his work.

“Baring Vostok plans to fulfill all its obligations to finance the issue of capital approved by the Central Bank of the bank,” the fund said.

Baring Vostok is a direct investment fund operating in Russia and the CIS with a capital of $ 3,7 billion. It is a member of Vostochny Bank shareholders. Among the investment fund projects are Yandex, Avito, Ozon, ER-Telecom, 1С, Novomet.

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