Amur region court arrests part of Vostochny bank’s shares on suit of Artyom Avetisyan’s company

Michail Calvey

The Arbitration Court has attached 9.99% shares of the bank, but denied Avetisyan's company its request to block an additional issue.

The Arbitration Court of the Amur region has partially satisfied the claim of Finvision Holdings on the attachment of 9.99% of shares of the bank Vostochny, Interfax reports. The company is owned by Artyom Avetisyan, whom the arrested founder of Baring Vostok Investment Fund Michail Calvey had accused of money withdrawal.

According to Evision Holdings Ltd representative, Dmitry Savochkin, who represents the interests of Baring Vostok, the court has attached the shares, but refused to block an additional emission as requested by Finvision, which means it can still take place. The case was considered in closed session, since information relating to trade secrets could have been announced at the meeting.

Finvision owner Avetisyan claims to 9.99% of Vostochny as part of the execution of a call option, the dispute around which, according to The Bell, is the main business aspect of the criminal case against Michael Calvey. The exercise of this option implies that control of the bank will be transferred to Avetisyan’s company.

Previously, Vedomosti reported that the London International Arbitration Court banned Finvision from continuing the proceedings in the Amur region. The ban assumes that Evision undertakes not to sell and conclude transactions with the option package.

Michail Calvey and five more persons, including employees of Baring Vostok, were detained on February 15 and later arrested. They are charged with Swindling on an Especially Large Scale (part 4 of Art. 159 of the Russian Criminal Code). The case was initiated on the application of a member of the Vostochny board of directors, Sherzod Yusupov. In court, Calvey accused the bank co-owner Avetisyan of withdrawing money from Uniastrum before the merger of these financial organizations.

Investigation believes that Calvey and other defendants in the case have stolen 2.5 billion rubles ($38 billion) owned by Vostochny. 52% of the bank sharesare owned by Baring Vostok and Russia Partners. According to the FSB, Pervoe Kollektorskoe Byuro (the First Collection Bureau) owned by Calvey repaid the debt to the bank in shares, which were not worth three billion rubles, but only 600 thousand rubles ($9,162).

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