Crt upholds immediate sale of 9.99% in Orient Express Bank

MOSCOW, Aug 14 (PRIME) -- The Sixth Arbitration Court of Appeals in the city of Khabarovsk turned down a claim by Evison Holdings Limited, which represents interests of fund Baring Vostok, against an earlier court ruling to sell immediately a 9.99% stake in Orient Express Bank to Finvision of businessman Artyom Avetisyan on Wednesday.

In February, the Basmanny District Court of Moscow arrested businessman Michael Calvey, founder of Baring Vostok, 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, and it was prolonged until July 14.

On May 17, the Arbitration Court of the Amur Region ordered Evison Holdings Limited to fulfill a 2016 call option and to sell the 9.99% stake in Orient Express Bank to Avetisyan’s Finvision Holdings. In June, Baring Vostok gave the stake to Finvision but appealed against the court decision.

(65.6017 rubles – U.S. $1)

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