The founder and employees Baring Vostok detained in the framework of the dispute concerning the Bank “East”
Moscow. 15 Feb. INTERFAX.RU — Founder of Baring Vostok Michael Calvey and three members of the investment company detained on business connected with the conflict around the Bank “East”.
“The company Baring Vostok confirms that in the framework of a commercial dispute on the Bank “Orient Express” detained four employees, including czars. Law enforcement is not directly related to the activities of the company Baring Vostok and other portfolio companies,” the statement says Baring.
“Baring all portfolio companies of the Fund, including the Bank “Orient Express” continue to operate in normal mode, Baring Vostok plans to meet all its obligations on financing approved by the Central Bank to issue to capital Bank,” the statement noted.
Previously, the press Secretary of the Basmanny court Juno Tsarev told Interfax today that will decide on the arrest of the founder of investment company Baring Vostok Michael Calvey. Together with him were detained the former Chairman of Board of Bank “the East” Alex Cordici, and partner of Baring Vostok Vagan Abgaryan, a partner with the industry of the financial sector Philippe Delpal, investment Director Ivan Vladimirov and Maxim Zyuzin.
All of them accused of committing crimes under part 4 of article 159 of the criminal code (Fraud committed in especially large size).
Baring Vostok is one of the oldest and largest players on the Russian market of direct investments. The Fund is part of the shareholders of such companies as OZON, “Coswell”, Etalon Group, Gett, “ER-Telecom”, “Novomet”, Bank “East” and others.
The conflict in Bank “the East”
The Bank “Orient Express” in January of 2017 has completed the process of joining Uniastrum Bank. The owners of “Uniastrum” got about 40% in the merged Bank. In particular, Artem Avetisyan belongs 32,02% “Eastern”, Sherzod Yusupov 4.4 per cent. The main shareholder of the “East” is Evison Holdings Limited (controlled by funds Baring Vostok and Russia Partners), she belongs to 51,62% of its shares.