Case against Calvey to be terminated soon
Case into embezzlement of 2.5 billion rubles ($38 million) from Vostochny bank was initiated on February 13.
The Investigative Committee of Russia received results of an examination of market value of shares of a company International Financial Technology Group (IFTG) that had instigated a case into an investment fund Baring Vostok. According to the Russian Society of Appraisers (RSA), the shares are worth of 3.8 billion rubles ($59 million) and not 600 thousand rubles ($9.3 thousand), as it had been stated by complainant and investigation, reports Kommersant with reference to sources familiar with the matter.
According to sources, the investigation familiarized lawyers of the accused with the results of an examination of market value of shares, including valuation of price. Now, the defense team is likely to apply for termination of the criminal case as it was found that no crime had been committed.
The source of Kommersant said that in case the examination had been carried out before the pre-investigation check, there won’t have been cause for initiation of the criminal case. The Investigative Committee of Russia did not comment upon the matter.
The case into embezzlement of 2.5 billion rubles ($38 million) from Vostochny bank was initiated on February 13. The investigation theory is that an American Michael Calvey and his business partner Philippe Delpal - as well as their accomplices - gave Vostochny bank 59.9 per cent of shares of a Luxembourg company IFTG as a recompense of a loan worth of 2.5 billion rubles ($38 million). The complainant stated that the shares were worth of 600 thousand rubles ($9.3 thousand) and thus, were a lot less than the debt commitment. With that, Calvey estimated the disputed shares at 3 billion rubles ($46 million).