Baring said the reason for the detention of the founder of the investment Fund

Baring said the reason for the detention of the founder of the investment Fund

Investment company Baring Vostok confirmed the “Vedomosti” the detention of four of its employees, including founder Michael Calvey. The reason for the detention became a commercial dispute at the Bank “Orient Express”.

“Law enforcement is not directly related to the activities of the company Baring Vostok and other portfolio companies,” — said the press service.

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The representative of Bank “East” in turn, said that the circumstances of investigated criminal case are not associated with the ongoing activities of the Bank. The representative stressed that the Bank works in a usual mode. Baring all portfolio companies of the Fund also continue to operate as usual, said the press service.

Earlier it became known that in Moscow have detained the founder of the Baring US citizen czars. He is detained on suspicion in fraud in especially large size (part 4 of article 159 of the criminal code), reported by “Vedomosti” the press Secretary of the Basmanny court Juno Tsarev.

Together with Calvey also arrested former Chairman of Board of Bank “the East” Alex Cordici, partner Waged Vostok Vagan Abgaryan, a partner Waged Vostok industry financial sector Philippe Delpal, Director Waged Vostok investment officer Ivan Vladimirov and Maxim Zyuzin. They are also suspected of fraud in especially large size, the investigators seek to arrest all defendants.

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