MOSCOW, September 2. /TASS/. The case against Baring Vostok private equity firm’s founder Michael Calvey should be solved as soon as possible, Russian Economic Development Minister Maxim Oreshkin said in an interview with TASS.

"We need to handle this case as quickly as possible. Our problem is not only that some cases - as illustrated by the [Meduza journalist] Ivan Golunov’s example - emerge for no reason. They can sometimes last months, years and get stalled with no practical actions taking place," the minister said.

Oreshkin said he would not assess the impact that Calvey’s arrest may have on the Russian business climate, saying only that the case "adds color to the global pessimistic moods."

Baring Vostok case

On February 13, Russia’s Investigative Committee launched a criminal case into the embezzlement of 2.5 bln rubles ($37.5 mln) from the Vostochny Bank. US citizen and founder of the Baring Vostok private equity firm 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).

By now, all of them has been placed under house arrest.

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.

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