PRESS: Orient Express can sell disputed stake to foreign funds

MOSCOW, Jul 30 (PRIME) -- U.S. fund Parus Marine and Hong Kong’s Pacific World Fund Management want to purchase a disputed stake in International Financial Technology Group (IFTG) from Orient Express Bank, business daily Vedomosti reported Tuesday, citing preliminary proposals.

A dispute over the IFTG stake was the reason for a criminal case against founder of Baring Vostok Michael Calvey, four employees of the fund and the former CEO of Orient Express Bank.

The bank repaid a 2.5 billion ruble loan to a collection agency in exchange for a stake in IFTG valued at 3 billion rubles. But prosecutors valued the stake at 600,000 rubles, adding that the rest of the money was stolen. Calvey suggested selling the stake on the market to understand the value, but the proposal was ignored.

In June, Orient Express Bank distributed a presentation offering the IFTG stake for 2.5 billion rubles. A person with knowledge of the details of the negotiations said that the potential investors are not affiliated with Orient Express Bank and Baring Vostok.

(63.5210 rubles – U.S. $1)

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