Investigative Committee asks to transfer founder of Baring Vostok Michael Calvey from remand prison to house arrest

Michael Calvey

The court is expected to deliver its verdict on April 11.

Investigator has asked to change measure of restraint for a founder of Baring Vostok Michael Calvey by releasing him from the remand prison and placing him under house arrest. This was reported to MediaZona by a media relations officer of Moscow’s Basmanny court Yunona Tsareva.

The court is expected to deliver its verdict on April 11.

Besides that, the investigator asks to change measure of restraint for another defendant in the case - adviser to chairman of the executive board at Norvik Bank Aleksey Kordichev.

The day before, on April 9, the Basmanny court - upon the request of the prosecution - prolonged arrest of director of finance department of Baring Vostok Philippe Delpal till July 14.

Calvey is being accused of swindling on an especially large scale (item 4 of article 159 of Russia’s Criminal Code). The investigation theory is that the American and his accomplices had stolen 2.5 billion rubles ($38.6 million) from Vostochny bank. His fund Baring Vostok and another investment fund Russia Partners own 52 per cent of Vostochny.

Calvey pleads not guilty. He accused a member of the board of management of Vostochny bank Sherzod Yusupov of false denunciation caused by a corporate conflict in the bank. “Yusupov was led by two motives: to create a negotiating position for himself in order for us to refuse from our demands in London court; and to lessen the proportion of feathering of Avetisyan’s share in Vostochny bank,” he said.

Artem Avetisyan owns 32 per cent of Vostochny. In 2017, this bank finished its merging with Uniastrum bank; Avetisyan is a co-founder of Uniastrum, as well. In court, Calvey stated that Avetisyan had dealt with laundering of money from Uniastrum.

Besides Calvey, Delpal and Kordichev, there are other defendants in the case including a partner of Baring Vostok Vagan Abgaryan, the fund’s investment director Ivan Zyuzin and CEO of Pervoye kollekorskoye byuro Maksim Vladimirov.

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