Putin says hopes for fair decision in Calvey’s case

ST. PETERSBURG, Jun 7 (PRIME) -- Russian President Vladimir Putin said Friday he hopes that everything will be transparent and clear in founder of Baring Vostok Michael Calvey’s case, and the decision will be fair.

“Law enforcement agencies must figure this out, and we have an appropriate judicial system. And I hope a lot that everything will be done transparently, clearly, with the participation of those who defend the position of this American partner of ours. And fair legal decisions will be made,” Putin said during a plenary session of the St. Petersburg International Economic Forum.

Putin also said that both business and state authorities should be guided by the current legislation and respect the law.

He added that the government will closely monitor the case.

In mid-February, the Basmanny District Court of Moscow arrested Calvey and five other defendants for two months over 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.

Investigators believe that Calvey, his partner Phillippe Delpal, and several other unidentified managers convinced shareholders of Orient Express Bank to vote for a compensation agreement to receive a 59.9% 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.

(65.2340 rubles – U.S. $1)

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