Founder and employees of Baring Vostok fund detained on suspicion of swindling of $37.5 million
Criminal case against Michael Calvey was initiated upon the application of a stockholder of Vostochny Express bank.
Founder of an investment company Baring Vostok Michael Calvey and a few of its employees have been detained in the case related to a dispute around Vostochny Express bank, reports Interfax with reference to its sources. The detainees are being suspected of 2.5 billion rubles ($37.5 million) swindling.
Criminal case into swindling on an especially large scale (item 4 of article 159 of the Criminal Code of the Russian Federation) against employees of an investment company Baring Vostok was initiated on February 13, 2019. During the preliminary investigation, it was found that the suspects had stolen more then 2.5 billion rubles ($37.5 million) - this was reported by an investigator during hearings at Moscow’s Basmanny court where the issue related to the arrest of of a CEO of Pervoye kollektorskoye byuro Maksim Vladimirov is being considered.
Source familiar with the situation told the news agency that the criminal case against Michael Calvey was initiated upon the application of a stockholder of Vostochny Express bank under the last name Yusupov.
The materials for the case against Calvey and his alleged partners in crime were gathered by the Federal Security Service - this was reported by Vladimirov’s lawyer. The investigation is being carried out by the Investigative Committee.
The company’s partner Vagan Abgaryan, partner in a financial sector’s industry Philippe Delpal, Chief Investment Officer Ivan Zyuzin, former chairman of board at Vostochny bank and current adviser to a chairman of the board of directors at PAO Novrik bank Aleksey Kordichev and CEO of Pervoye kollektorskoye byuro Maksim Vladimirov are also a defendants in the case. All defendants were detained on February 14.
Factual allegations were not specified in court. The issue on the arrest of the suspects is being considered.
Baring Vostok confirms is tied to a conflict with Vostochny Express bank. The company emphasized that the actions of law enforcement are not dircetly connected to the investor’s activity and other portfolio companies.
Baring Vostok is a shareholder at OZON, Vkusvill, Gett, Vostochny bank and others. It is one of the oldest and major participants of Russian market of direct investments.
In late June 2019, the management of Development Corporation Joint Stock Company established in 2012 on the basis of Industrial Urals–Polar Urals Open Joint Stock Company was changed. This infamous corporation was repeatedly involved in corruption scandals. Notorious oiler and millionaire Sergei Maslov was its General Director in 2013–2016. In fall 2016, Maslov was arrested for embezzlements – but somehow, the court acquitted him. Immediately after the acquittal, he relocated abroad. The CrimeRussia reviewed the main ‘failures’ of the ‘unsinkable’ corporation, shady schemes pulled off by Maslov and his partners, and connections of the oligarch who has made enormous money on governmental projects. Surprisingly, but the information presented below hasn’t attracted the attention of the law enforcement authorities yet.