On Wednesday, Thursday and Friday last week the Moscow Municipal Court rejected appeals against pre-trial detention for Baring Vostok’s top executives, including US citizen Michael Calvey, founder, French citizen Philippe Delpal, Partner, and Russian citizen Ivan Zyuzin, Investment Director.
Baring Vostok, which does “not agree with the charges that have been brought against them,” announced it will appeal these decisions in higher instance courts.
Using a video link from his Moscow jail, Calvey told the court: “I do not plan to escape, I am going to fulfill all my obligations,” as reported by Radio Liberty.
Calvey added that he “must advise my children in choosing university courses, and this is why this detention is very difficult.”
The Baring Vostok top managers were arrested in mid-February on charges of “large-scale fraud” in a commercial dispute. The lawsuit was initiated by Artem Avetisyan, who is a shareholder of a Baring Vostok portfolio company, Vostochy Bank, and enjoys tight relations with an array of government-related organizations, as reported by East-West Digital News..
