Рейтинг@Mail.ru
RusEng

News

Russian business ombudsman again turns to Prosecutor General over Baring Vostok case

14:31 13/08/2019

MOSCOW, August 13 (RAPSI) – Russia’s business ombudsman Boris Titov has again requested Prosecutor General Yury Chaika to check the legality of prosecution of partners and employees of Baring Vostok investment fund, the ombudsman’s press service reports.

According to Titov, a court when choosing detention as a restrictive measure for the defendants has not taken into consideration the signs of business in their actions.

Earlier, the ombudsman repeatedly applied to law enforcement authorities over the Baring Vostok case.

In mid-February, Moscow’s Basmanny District Court ordered detention of Baring Vostok investment company’s founder, U.S. citizen Michael Calvey and five other defendants including Baring Vostok Industry Partner for the financial industry sector, French citizen Philippe Delpal, the company’s partners Vagan Abgaryan, Baring Vostok Investment Director Ivan Zyuzin, Maxim Vladimirov and ex- chairman of Vostochny bank board Alexey Kordichev.

On April 11, Moscow’s Basmanny District Court released Calvey from detention and put him under house arrest.

According to investigation, Calvey knowing about a 2.5-billion-ruble debt of the First Collector Bureau, a firm under his control, has organized the sale of its shares to Vostochny bank that has led to embezzlement.

The Investigative Committee claims that he committed a crime that could not be classified as business crime because he used a chain of sham companies settling the deal. Moreover, investigators say they have a PricewaterhouseCoopers’ audit report on the done deal estimating the sold shares at 600,000 rubles, which indicates an instance of fraud.

Calvey denies allegations insisting that the deal was fair as both companies agreed its terms and stood for it, including a person reporting an alleged crime to law enforcement bodies. He noted that a report has been filed with police by a member of Vostochny bank board of directors Sherzod Yusupov. According to Calvey, the real reason of his prosecution is a wide corporate dispute related to the control of the bank by two groups of shareholders: Baring Vostok and stockholders coming from Uniastrum bank, which was reorganized and joined to Vostochny in early 2017.

Baring Vostok company founded by Calvey in 1994 focuses on private equity investments in the CIS and Russia. The company has invested in shares of Yandex, Vkusvill, Tinkoff Bank and other major projects.

Share thisE-mail this articlesubmit newsAdd to blogrss feed
Add to blog
To link to this material, copy the code to your blog.
Publishing code:
Preview:

Russian business ombudsman again turns to Prosecutor General over Baring Vostok case

14:31 13/08/2019 Russia’s business ombudsman Boris Titov has again requested Prosecutor General Yury Chaika to check the legality of prosecution of partners and employees of Baring Vostok investment fund.
Forward news story

All fields are mandatory!

Submit news

All fields are mandatory!

Share this

Top news