London court took Calvey Russian Bank

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www.vsyako.netPhoto: Ilya Pitalev / RIA Novosti

The London Tribunal of international arbitration (LCIA) considered the case of the American founder of the Russian investment Fund Baring Vostok Michael Calvey and ordered him to sell a 9.99 percent of the Bank “East” a business partner and the enemy at the corporate dispute Artem Avetisyan. Writes about this family-owned Demyan Kudryavtsev, the newspaper “Vedomosti”.

The publication has reviewed the rulings of the court on June 14. According to him, controlled by Baring Vostok and Russia Partners Fund Cyprus company Evision obliged to execute a call option is a contract which gives the undeniable right to purchase any asset. According to him, Evision in 2016, has committed to sell a 9.99 percent “Eastern” company “Pinvin”, which is owned by Artem Avetisyan, a minority shareholder in the Bank.

Evision previously refused to fulfill the requirements of the Avetisyan and she filed a lawsuit in a London court. The company appealed to the alleged misconduct of Avetisyan with the merger of its former Bank “Uniastrum” with “East” in 2016. According to the company Calvey, Avetisyan deduced from “Uniastrum” assets and thus caused damage to the “Eastern,” but because the option has lost legal force. For this reason, Evision has refused several times to do it.

In addition, Evision insisted, “Pinvin” sold his option to the other minority shareholder “Eastern” Sherzod Yusupov. The company Avetisyan, in turn, claims that then got the contract back. It is the Yusupov became the initiator of criminal case against Michael Calvey and another five employees Baring Vostok, accusing them of fraud. According to Calvey, a statement to the police was part of the corporate conflict around the Bank “East”: the founder of Baring Vostok Avetisyan blamed the withdrawal of assets from “Uniastrum”, and the mutual claims.

According to investigators, responded to the statement Yusupova, Calvey convinced the leadership of the “East” to take account of debt repayment, First collection Bureau (PCB) of the shares of the Luxembourg company IFTG. Both of them, as well as the Bank “East”, controlled by Baring Vostok. According to the prosecution, which has already been denied by the Russian arbitration court, the stock is not worth 2.6 billion rubles (the size of the debt PKB before “East”), and 600 thousand. Calvey, together with colleagues were taken into custody, but then placed under house arrest, which expires in July.

In the case of exercise of the option, whose legitimacy was confirmed by the London court, Baring Vostok loses control of Bank “East”: its share will decrease from 51.6% to 41.6. However, the current share of minority shareholders — “Pinvin”, Sherzod Yusupov and businessman Yuri Danilov will increase to 50.2 percent.

Video, photo All from Russia.

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