Baring Vostok says investigation against fund ends with nothing

MOSCOW, Dec 23 (PRIME) -- The investigation against employees of investment fund Baring Vostok over a 2.5 billion ruble theft from Orient Express Bank has ended with nothing, the fund said in a statement on Monday.

“As expected, the investigation that was going on for more than 10 months has ended with nothing, and we demand an immediate release of our innocent colleagues from custody,” the fund said.

“The criminal case casts a shadow on the entire Russian legislation and poisons the investment climate of the country, and has to be stopped. Solution of commercial disputes with criminal cases is unacceptable and returns us to the chaos of the 1990s.”

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

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

(62.4071 – U.S. $1)

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