MOSCOW, April 8. /TASS/. Banker Sherzod Yusupov, who is the applicant in the case of Michael Calvey, founder of the Baring Vostok equity firm, is not opposing the release of the accused persons from the pre-trial detention facility, Anatoly Kucherena, head of the Public Council under Russia’s Interior Ministry, told TASS.
"I undertook serious efforts: I met with the parties to this process - with representatives of Baring Vostok and Mr. Sherzod Yusupov, who is the applicant in the case. As for the preventive measure, Yusupov told me that he was not against mitigating the preventive measure for the accused, but being an injured party to the case, he cannot do anything about it. This decision should come from the investigation and the court," Kucherena explained.
"So far, the victim sees no other way out, except for the criminal investigation of this case, while the Baring Vostok foundation insists on the civil nature of the legal dispute," he said.
Earlier on Monday, the Investigative Committee filed a petition to the court to extend the detention of the four defendants in Calvey’s case, but Calvey is not among those four.
Baring Vostok’s case
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.
Russia’s Investigative Committee launched a criminal case into the embezzlement of 2.5 bln rubles ($37.5 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).
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.