Court arrests Baring Vostok founder Calvey over 2.5 bln rbl fraud
MOSCOW, Feb 18 (PRIME) -- The Basmanny District Court of Moscow on February 16 arrested investment company Baring Vostok founder Michael Calvey for two months over alleged 2.5 billion ruble embezzlement.
On February 15, the court arrested five more defendants in the case, namely Ivan Zyuzin, director for investment, Philippe Delpal, industry partner for the financial industry sector, Vagan Abgaryan, partner of Baring Vostok focusing on media, real estate, and construction materials projects, Maxim Vladimirov, CEO of the First Collection Bureau, and Alexei Kordichev, chairman of the board of directors of Vyatka-Bank, now known as Norvik Bank, and former CEO of Orient Express Bank.
Investigators believe that in 2015, Orient Express Bank issued a loan to the First Collection Bureau. In 2017, Уcompensation was paid with which not all shareholders agreed.Ф This compensation has become the reason for initiating a criminal case.
Calvey denied his involvement in the fraud case and earlier offered the court to release him on a 5 million ruble bail.
His lawyer Dmitry Savochkin said his defense will certainly contest the arrest.
(66.7044 rubles Ц U.S. $1)