“Accusations are unsubstantiated.” Baring Vostok fund comments upon detention of company’s founder and investors

“Accusations are unsubstantiated.” Baring Vostok fund comments upon detention of company’s founder and investors
The fund’s head Michael Calvey

With that, the company has suspended Michael Calvey, Vagan Abgranyan, Philippe Delpal and Ivan Zyuzin from office. They had been detained on suspicion of swindling on an especially large scale.

Representatives of Baring Vostok fund have expressed confidence that the accusations of swindling against the company’s employees are unsubstantiated and the court is going to determine that. The company’s web site reports senior partner Elena Ivashentseva and the fund’s co-founder Aleksey Kalinin are now performing the duties of a head of Baring Vostok Capital Partners and the company will operate as usual.

“We always acted in full concordance with the legislation and are sure we're right. The accusations against our employees are unsubstantiated; and we’re quite sure the court is going to determine that,” Ivashentseva and Kalinin stated.

The company is reported to have suspended senior partner Michael Calvey, partners Vagan Abgranyan and Philippe Delpal, and Chief Investment Officer Ivan Zyuzin from office for the time being.

The criminal case into swindling on an especially large scale (item 4 of article 159 of the Criminal Code of the Russian Federation) was initiated upon the application of a director of bank Vostochny Sherzod Yusupov. The defendants are being suspected of theft of 2.5 billion rubles ($37.5 million) from the bank. Five persons - including Calvey, Abgranyan and Delpal - were detained and then arrested.

Business ombudsman Boris Titov expressed readiness to go bail for Calvey as an entrepreneur and stated Baring Vostok is “a team of professionals who operates openly and honestly.” Sberbank head Herman Gref in his turn expressed hope that the detention of Calvey would turn out to “be a misunderstanding.”

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