The Final Investor from the United States, the founder of one of the oldest Russian investment funds Baring Vostok Michael Calvi, accused of fraud, will finally lose the East Bank, the control over which he lost in 2020 by the court decision, the reports on the Baring Vostok website.
All participants in a large corporate conflict found a buyer for their shares – they became Sovcombank, which occupies the 9th place in terms of assets among domestic credit institutions. Financial parameters of the transaction are not disclosed, but it is noted that it will be held on market conditions.
Thus, Sovcombank will become the only shareholder of “Eastern”, which for 12-18 months will cease to exist in the current form and will be integrated into the structure of the new owner. To complete the transaction, which is planned in April, the parties need to obtain a resolution of the Central Bank.
East was in the center of the corporate scandal in 2019, when, according to one of the shareholders, Sherzod Yusupov, a criminal case was initiated against Calvi and other top managers Baring Vostok. At that time, the foundation was the largest shareholder of the bank. Figurants accused of fraud.
According to the investigation, they caused the damage to Eastern, persuading his leadership to adopt a loan from the first collection bureau of the Luxembourg company IFTG (both belonged to Baring Vostok). From the case file it follows that the market value of the papers was ten times less than the amount of debt of 2.5 billion rubles.
Calvi denied the guilt and argued that the reason for his persecution was not a permitted conflict with Yusupov and his business partner Artem Avetisyan. In 2016 Baring Vostok and Avetisyan, “Finvizhn” agreed to unite the banks from the banks “Eastern Express” and “Uniastrum”, as a result of which “Eastern” was formed. According to the results of the transaction, Baring Vostok received control over the new credit institution, but Finvizhn was relied on the acquisition of an additional 9.99 percent of the bank.
Two years later, the Foundation refused to execute an option, referring to the fact that Avetisyan brought valuable assets from “Uniastrum” before merger. As a result, the option was executed in 2020 by the court decision, after which Avetisyan and Yusupov for two seized 50.01 percent of the shares, and 41.63 percent remained at the Baring Vostok.
The criminal case against Calvi and his colleagues has not yet been considered essentially at the preliminary investigation stage. Last year, his defendants were released from the SIZO and returned to work in the Fund.