Michael Calvey and other defendants in the Vostochny Bank embezzlement case of 2.5 billion rubles have been commuted. The founder of Baring Vostok had his suspended sentence reduced by one year to 4.5 years. Calvey was convicted in August 2021 and banned from leaving Russia without permission.
The Moscow City Court has commuted the sentence of Baring Vostok founder Michael Calvey and other defendants in the case of embezzlement of 2.5 billion rubles from Bank Vostochny. Interfax writes about it.
All those convicted had their suspended sentences reduced: Baring Vostok founder Michael Calvey from one year to 4.5 years, Baring Vostok COO Philippe Delpal from one year to 3.5 years, as well such as investment director Ivan Zyuzin, company partner Vagan Abgaryan and others.
In August 2021, the Meshchansky District Court found Michael Calvey, founder of the Baring Vostok investment fund, guilty of embezzling 2.5 billion rubles from Vostochny Bank and sentenced him to five years and six months probation.
Later it became known that Baring Vostok would split its business into Russian and international. The Russia-focused part of investment company Baring Vostok will receive stakes in 12 companies, including Ozon, Vkusvill and Skyeng. In exchange for shares, Vostok Investments will assume debt obligations and pay $150 million.
Author:
Kirill Bilyk
Source: RB
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