Michael Calvey transferred from scammers to embezzlers

The accusation of the defendants in the Baring Vostok case has been reclassified from fraud to a major embezzlement. The amount of damage remained the same - 2.5 billion rubles.
24.12.2019
Forbes
Origin source
The Investigative Committee re-qualified the accusation of the defendants in the Baring Vostok case: the article on fraud was replaced with an article of equal severity on a large embezzlement. This was reported by Interfax with reference to an informed source. A Forbes source familiar with the investigation confirmed this information. He specified that the amount of damage remained the same and amounts to 2.5 billion rubles.

According to Interfax's interlocutor, investigators began to indict the defendants in the final case, including the founder of the Baring Vostok investment fund, Michael Calvey. In addition to him, charges were brought against the fund's top manager Philip Delpal, investment director Ivan Zyuzin and former Vostochny bank board chairman Alexei Kordichev. “The rest will be charged with the final version the other day,” the source said. According to the source, the collection of evidence in the case has already been completed. He added that in the near future the investigation will announce to the participants in the process the end of the investigative actions. After that, they will be able to familiarize themselves with the case file.

“As expected, the investigation, which lasted more than 10 months, ended in nothing, and we demand the immediate release from custody of our innocent colleagues. This shameful criminal case casts a shadow over all Russian justice and poisons the country's investment climate, so it must be stopped. The resolution of commercial disputes through criminal cases is absolutely unacceptable and returns us to the mercy of the 90s, ”- said in a comment to Baring Vostok, received by Forbes.

The case against the management of the Baring Vostok fund was initiated on the basis of a complaint from Vostochny Bank minority shareholder Sherzod Yusupov. Yusupova insists that the defendants stole 2.5 billion rubles from the bank. There are seven people involved in the case. In addition to Kalvi and Delpal, this is top manager Vagan Abgaryan, head of the First Collection Bureau (PKB) Maxim Vladimirov, as well as former employee of Vostochny Bank Alexander Tsakunov, who was sent under house arrest last week.

According to the prosecution, Calvi and his colleagues on Baring Vostok, who were members of Vostochny’s board of directors, succeeded in replacing on the bank’s balance sheet a loan issued by PKB in the amount of 2.5 billion rubles to a stake in Luxembourg IFTG, whose fair value, according to investigators, is 600,000 rubles. Yusupov noted that the fair value of shares was low due to restrictions in the IFTG charter. In the fall, a new assessment appeared, according to which the fair value of IFTG shares amounted to 260 million rubles, their market value was 3.8 billion rubles.

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