The founder of the Baring Vostok investment fund Michael Calvey and his partner Philippe Delpal, found guilty of having embezzled 2.5 billion rubles, have left Russia. About this TASS reported informed source.
“Calvi and Delpal left Russia immediately after the preventive measure in the form of a ban on certain actions was lifted from them in early 2022,” the agency’s source said.
Later this information confirmed “Interfax” lawyers Calvey and Delpal.
“Calvey plans to participate in the hearing, but due to the difficulties in obtaining a visa under the current conditions, it is difficult for him to come,” said in court Timofey Gridnev, the lawyer for the founder of Baring Vostok. A similar statement was made by Delpal’s defender.
In May 2022, Bloomberg, citing sources, wrote that Calvey was outside Russia the day the military operation began in Ukraine and no longer plans to return to the country.
A criminal case against Michael Calvey was initiated in 2019 at the request of Vostochny Bank board member Sherzod Yusupov. According to the investigation, at the initiative of Calvey, a loan in the amount of 2.5 billion rubles taken from the bank was repaid in shares, the real value of which was only 600,000 rubles.
Calvey himself claimed it was a purely corporate dispute and not a criminal offence. Lawyers said the investigation did not conduct a financial review of the value of the shares. Vostochny Bank received compensation for the damage caused and dropped the civil action.
In August 2021, the Meshchansky court in Moscow sentenced Calvey to 5.5 years probation, finding him guilty of embezzlement of 2.5 billion rubles. Before handing down his sentence, he spent more than a year and a half in a remand center and under house arrest.
In December 2022, RBC, citing sources, said Baring Vostok’s business would be reorganized by splitting its major assets.
