Court arrests assets of defendants under Baring VostokТs case
MOSCOW, Oct 7 (PRIME) -- The Moscow court has arrested assets of defendants in a case of investment fund Baring Vostok, including their apartments, a spokesperson for the fund told PRIME late on October 4.
УSeven months after arrest, without any active investigation going on, the court decided to arrest apartments where the wives and underage children of our colleagues live, while they canТt financially support their families, and Vagan Abgaryan, Ivan Zyuzin, and Maxim Vladimirov are locked in a pre-trial detention center without the right for their families to visit them,Ф the spokesperson said.
The fund still thinks that their colleagues are innocent and that the case is an instrument of corporate pressure in a dispute around Bank Orient Express, the person added.
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, his business partner Phillippe Delpal, and several other managers convinced shareholders of Orient Express Bank to vote for a compensation agreement to receive a 59.9% in International Financial Technology Group (IFTG) instead of money. The shares were valued at 3 billion rubles under the deal, while their real value amounted to 600,000 rubles.
(65.0300 rubles Ц U.S. $1)