Moscow court to check legitimacy of Calvey’s arrest on Feb 28

MOSCOW, Feb 20 (PRIME) -- The Moscow City Court will check the legitimacy of arrest of U.S. investor Michael Calvey on February 28, Yunona Tsaryova, press secretary of the Basmanny District Court of Moscow, told PRIME on Wednesday.

“Hearing of the appeal submitted by Calvey’s defense will be held on February 28,” she said.

Appeals of other defendants will he considered on February 25 and February 27, she added.

The Basmanny District Court of Moscow earlier arrested Calvey, founder of investment company Baring Vostok, and five other defendants for two months over the case ofa 2.5 billion ruble embezzlement.

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

Besides Calvey and Delpal, the court arrested Ivan Zyuzin, director for investment at Baring Vostok, 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.

(66.2022 rubles – U.S. $1)

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