Court orders Baring Vostok to sell 9.99% stake in Oriental Express - All News - PRIME Business News Agency - All News Politics Economy Business Wire Financial Wire Oil Gas Chemical Industry Power Industry Metals Mining Pulp Paper Agro Commodities Transport Automobile Construction Real Estate Telecommunications Engineering Hi-Tech Consumer Goods Retail Calendar Our Features Interviews Opinions Press Releases

Court orders Baring Vostok to sell 9.99% stake in Oriental Express

—удMOSCOW, Jun 11 (PRIME) -- The Arbitration Court of the Amur Region ruled on Tuesday that fund Baring Vostok must immediately sell a 9.99% stake in Orient Express Bank to Finvision of Artyom Avetisyan, lawyer for Baring Vostok Dmitry Savochkin said.

An official of the fund said that Baring Vostok will contest the decision. УWe will promptly send an appeal against this court decision.Ф

On May 17, the court ordered Evison Holdings Limited, which represents interests of fund Baring Vostok, to sell the 9.99% stake in Orient Express Bank to AvetisyanТs Finvision Holdings. The decision did not come in force but Finvision sent a motion for immediate fulfillment of the court order.

In February, the Basmanny District Court of Moscow arrested businessman Michael Calvey, founder of Baring Vostok, and five other defendants for two months over alleged 2.5 billion ruble embezzlement from Orient Express Bank. In April, Calvey was released under house arrest, and it was prolonged until July 14.

Investigators believe that Calvey, his partner Phillippe Delpal, and several other unidentified managers convinced shareholders of Orient Express Bank to vote for a compensation agreement to receive a 59.9% in International Financial Technology Group instead of money. The shares were valued at 3 billion rubles under the deal, while their real value amounted to 600,000 rubles.

(64.7919 rubles Ц U.S. $1)


11.06.2019 14:57
Share |
To report an error select text and press Ctrl+Enter
Central Bank Official Rate
1W 1M 1Y
EUR 70.5975 -0.3398 21 sep
USD 63.8487 -0.3712 21 sep
Stock Market Indices
1D 1W 1M 1Y
rtsi 1369.62 -0.61 18:40 20 sep
micex 2781.62 -0.47 18:40 20 sep
Stock Quotes in RUR
1D 1W 1M 1Y
gazp 230.18 -0.15 18:26 20 sep
lkoh 5392.50 +0.03 18:26 20 sep
rosn 426.85 -0.04 18:26 20 sep
sber 231.23 -1.60 18:26 20 sep
MICEX Ruble Trading
1D 1W 1M 1Y
EURTD 70.4300 -0.3000 14:59 20 sep
USDTD 63.8250 -0.3750 17:44 20 sep