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Calvey suggests that Vostochny bank sell IFTG company shares for $37.5 mln

On Thursday, the Moscow City Court has upheld the detention of Calvey on charges of fraud to the tune of 2.5 bln rubles ($37.5 mln) as legal

Michael Calvey Sergei Bobylev/TASS

Michael Calvey

© Sergei Bobylev/TASS

MOSCOW, February 28. /TASS/. Baring Vostok’s founder Michael Calvey suggested that Vostochny bank should sell the disputed shares of IFTG company for 2.5 bln rubles ($37.5 mln) on the market and after that the criminal case can be closed, a TASS correspondent reported from the court.

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Moscow City Court rules to keep Michael Calvey under arrest

"I am accused of overstating the value of IFTG shares from 600,000 rubles to 2.5 bln, but there is one reliable way to check this accusation is to sell these shares on the market. I am sure that Vostochny bank will get 2.5 bln or more for them. After that there will be no further questions," Calvey said addressing Sherzod Yusupov, the minority shareholder of Vostochny Bank.

Calvey accuses Yusupov and Artyom Avetisyan, another shareholder of Vostochny bank, of initiating a criminal case against him in order to get control over the bank.

On Thursday, the Moscow City Court has upheld the detention of Calvey on charges of fraud to the tune of 2.5 bln rubles ($37.5 mln) as legal. He will be held in custody until April 13.

On February 27, a Moscow court dismissed four appeals from the case’s defendants - Baring Vostok’s partner Vagan Abgaryan, investment director of Baring Vostok Ivan Zyuzin, former head of Vostochny Bank Alexei Kordichev, former director of the First Collection Bureau Maxim Vladimirov.

The appeal of another person involved in the case, Philippe Delpale, Director of the Financial Department of Baring Vostok, will be considered on March 1.

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) and will be held in custody until April 13.

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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 billion-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. The case was initiated after Sherzod Yusupov, a minority shareholder in Vostochny Bank filed a complaint with Russia’s Federal Security Service (FSB).

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