Baring Vostok top managers suspected of $40 mln embezzlement
MOSCOW, February 15 (RAPSI) – The founder of Baring Vostok investment company Michael Calvey and other top managers are suspected of embezzling 2.5 billion rubles (about $40 million), investigators said in Moscow’s Basmanny District Court on Friday.
By now, the court ordered detention of Baring Vostok Industry Partner for the financial industry sector, French citizen Philippe Delpal until April 13. Delpal pleaded not guilty in court and refused to cooperate with investigators.
Other suspects are Baring Vostok founder Michael Calvey, the company’s partners Vagan Abgaryan, Baring Vostok Investment Director Ivan Zyuzin, Maxim Vladimirov and ex- chairman of Vostochny bank board Alexey Kordichev.
According to investigators, Calvey knowing about a 2.5-billion-ruble debt of the First Collector Bureau, a firm under his control, has organized the sale of its shares to Vostochny bank that has led to embezzlement.
Baring Vostok company founded by Calvey in 1994 focuses on private equity investments in the CIS and Russia. The company has invested in shares of Yandex, Vkusvill, Tinkoff Bank and other major projects.