Business ombudsman Titov willing to vouch for Baring Vostok founder

Business ombudsman Titov willing to vouch for Baring Vostok founder
Boris Titov

Commissioner for Entrepreneurs’ Rights called the Calvey case an “absolutely commercial dispute.”

Commissioner for Entrepreneurs’ Rights under the President of the Russian Federation Boris Titov is willing to vouch for Baring Vostok founder, Michail Calvey, who has been detained on suspicion of embezzling 2.5 billion rubles ($37.7 million) from Vostochny Bank. According to him, Calvey's case is not related to criminal offenses and must “be resolved in a civil legal framework.”

“As I understand, Vostochny Bank has not filed any arbitration claims to Baring Vostok, and the situation so far looks doubtful,” Titov said.

The business ombudsman called the detention of Calvey and other employees “a very strong signal to foreign investors.” In addition, Calvey’s charges are related to entrepreneurial activity, therefore, the court should not arrest the American, Titov noted. “There should be no arrest, detention, or pre-trial detention center,” the ombudsman stressed.

Early on, German Gref called Calvey a decent man and expressed the hope that the detention of the entrepreneur was a misunderstanding.

“I have known Michael Calvey for a long time; he is a decent and honest man, who has done a lot to attract investment in our country, as well as for the development of the economy and high-tech companies, such as Yandex, Ozon, Tinkoff, and others,” Gref said.

Apart from Calvey, other defendants include Vagan Abgaryan, financial industry industry partner Philippe Delpal, investment director Ivan Zyuzin, former Chairman of the Vostochny Bank executive board and Adviser to Norvik Banka’s board chairman Aleksey Kordichev, and Director General of Pervoe Kollektorskoe Byuro (the First Collection Bureau) Maksim Vladimirov. All of them were detained on February 14. The criminal case against Calvey has been initiated on the application of one of Vostochny’s shareholders, a certain Yusupov.

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