Orient Express Bank board to mull withdrawing suits on Nov 3

MOSCOW, Oct 29 (PRIME) -- The board of directors of Orient Express Bank will consider withdrawing several court suits on November 3, including against Evison and Michael Calvey worth 8.8 billion rubles and 9.8 billion rubles respectively, the bank said on Thursday.

The bank will also consider withdrawing a suit against Croushi Enterprises, Evison Нoldings limited, Calvey, Evdokia Georgiou and Marinos Beros, which is considered in Cyprus, a claim for restrictive measures under the case and a civil case sent in the framework of a criminal case considered by the Investigative Committee of Russia.

On Wednesday, Cyprus-based Evison Holdings Limited, controlled by investment fund Baring Vostok, and Finvision of Russian businessman Artyom Avetisyan reached an amicable deal to settle all disputes around Orient Express Bank.

The agreement covers all legal disputes and claims of the shareholders, but does not cover the criminal case launched against the former members of the board of directors of Orient Express Bank, the two companies said.

In May 2019, the Arbitration Court of the Amur Region ordered Evison Holdings Limited to fulfill a 2016 call option and to sell a 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.

The Sixth Arbitration Court of Appeal, the Arbitration Court of the Far East District, and the Supreme Court upheld the decision of the lower court.

But Evison discovered that the call option conditions say that it can be fulfilled only if a debt of the First Collection Bureau to the bank is settled, while the bank has been challenging the debt settlement since February 2019. It filed a new suit against the call option. Nevertheless, the Arbitration Court of the Amur Region turned down the suit, and the Sixth Arbitration Court of Appeal upheld the decision.

(77.5520 rubles – U.S. $1)

End %%mk/jst%%