The Interior Ministry has included a person involved in the Baring Vostok case, French citizen Philippe Delpal, on the wanted list. The businessman’s lawyer said that Delpal is not in Russia.
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In early May, the Federal Penitentiary Service cleared the criminal record of Michael Calvey, the founder of the Baring Vostok investment fund, who was convicted of embezzling funds from Vostochny Bank. He was convicted in 2021 of embezzling funds from Vostochny Bank.
“Philippe Delpal, born on November 8, 1972. Wanted under an article of the Penal Code,” reads the case file. Other details are not disclosed.
American investor Michael Calvey founded Baring Vostok in 1994, a company specialising in investing in Russian companies. Almost two decades later, in 2019, Calvey, Delpal and two others were arrested by a Moscow court.
The investigation concluded that Calvey and his partners agreed to sell a 59.9% stake in International Financial Technology Group for 2.5 billion rubles to pay off debt. At the same time, the real value of the asset did not exceed 600 thousand rubles.
Vostochny’s minority shareholder Sherzod Yusupov then filed a statement with law enforcement. Calvey did not admit his guilt and explained the prosecution as a result of a shareholder dispute at Vostochny.
In the summer of 2021, Calvey received a 5.5-year suspended sentence and Delpal received a 4.5-year suspended sentence. In March 2023, lawyers for Calvey and Delpal reported that the businessmen had left the country.
In 2021, Vostochny Bank shares were bought by Sovcombank, which decided to liquidate the Vostochny brand.
Author:
Natalia Gormaleva
Source: RB
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
