Court releases 3 defendants in Baring Vostok case under house arrest

MOSCOW, Feb 12 (PRIME) -- The Moscow City Court on Wednesday released Vagan Abgaryan, Ivan Zyuzin, and Maxim Vladimirov, defendants in a case of investment fund Baring Vostok, from a pre-trial detention center under house arrest until April 12.

In February 2019, 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.

(63.9490 rubles – U.S. $1)

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