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Kremlin spokesman believes truth will prevail in Calvey case

The Kremlin stated that those investigative actions against Michael Calvey would not in any way affect Russia’s investment climate

Michael Calvey AP Photo/Alexander Zemlianichenko

Michael Calvey

© AP Photo/Alexander Zemlianichenko

MOSCOW, February 21. /TASS/. The Kremlin hopes that truth will be established in the case of the founder and managing partner of Baring Vostok investment fund Michael Calvey, and that this matter will not affect the investment climate in Russia.

"We cannot comment and never comment on the investigative actions. We have no doubt that the investigation will establish the truth," Presidential spokesman Dmitry Peskov told reporters, noting that "except for the court, no one can name Michael Calvey guilty."

"We also believe that these investigative actions against Michael Calvey will not in any way affect Russia’s investment climate, because Russia has been and remains interested in creating the most comfortable climate for foreign investors," Peskov said.

Baring Vostok’s case

Russia’s Investigative Committee launched a criminal case into the embezzlement of 2.5 bln rubles ($38.11 mln) from the Vostochny Bank on February 13. Michael Calvey is the key defendant in the case. On February 15, the law enforcement agencies arrested Calvey and five others: Vagan Abgaryan, partner at Baring Vostok, Philippe Delpale, an investment partner for the financial industry sector at Baring Vostok, Ivan Zyuzin, Investment Director at Baring Vostok and also General Director of the First Collection Bureau Maxim Vladimirov and Advisor to the Management Board of Norvik Bank, Alexey Kordichev. They are all facing charges under part 4 article 159 of Russia’s Criminal Code (Swindling committed on a large scale by an organized group).

Read also

Kremlin on Baring Vostok founder’s arrest: Innocent until proven guilty in a court of law

According to the investigation, Calvey and his accomplices put together a scheme, where the "First Collection Bureau", under their control, waived its right to a 59.9% stake in a Luxembourg-based company called the International Financial Technology Group (IFTG), to the Vostochny bank to pay it back for a 2.5 bln-ruble debt. Before the deal, IFTG’s shares were valued at 3 bln rubles. However, the investigation is examining another estimate of 600,000 rubles (according to a Cyprus-based company’s valuation). That said, the Central Bank claimed that the price of these shares was close to zero, the investigator noted.

On February 7, Serzod Yusupov, a minority shareholder in Vostochny Bank filed a complaint with Russia’s Federal Security Service (FSB). In addition, Artyom Avetisyan, another Vostochny shareholder, along with the deputy chairman of the bank’s board Konstantin Rogov testified against Michael Calvey.

Calvey rejected all charges and accused Yusupov and Avetisyan of a conjuring up bogus charges caused by a "corporate conflict" in the bank.

Head of the Russian Direct Investment Fund Kirill Dmitriev said he was ready to vouch for Calvey. Business Ombudsman Boris Titov called Calvey’s detention illegal, noting that the situation was a "purely corporate dispute."

About Baring Vostok

Baring Vostok is one of the largest private equity firms focusing on Russia and the CIS with $3.7 bln in capital. Since 1994, the fund has poured more than $2.4 bln of investments into 70 projects in the areas of financial services, oil and gas, telecommunications and media, and into the consumer sector. Baring Vostok’s projects include CTC Media, Yandex, Avito, Ozon, ER-Telecom, 1C, and Novomet.

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