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Hearing on Vostochny Bank’s $140.8Mln suit against baring Vostok, Calvey delayed to Jan 16


Blagoveshchensk, Dec 18 (GCCurrentAffairs) An arbitration court in Russia’s Far Eastern Amur Region has postponed to January 16 preliminary hearings on Vostochny Bank’s lawsuit for recovery of over 8.8 billion rubles (140.8 million dollars) from Evison, a company controlled by the Baring Vostok investment fund, and Michael Calvey, the fund’s founder, a Sputnik correspondent reported on Wednesday.

The lawsuit against Evison, which used to own a controlling stake in Vostochny Bank, is related to alleged financial misreporting, which led to losses for the bank.

“The hearing is postponed to January 16, 3.30 pm. [local time, 06:30 GMT]. [As for] Calvey, a notification has been sent … but the delivery attempt has failed, we will try to send one more notification,” the judge said.

The arbitration court in Amur Region’s Blagoveshchensk is currently considering another claim of Vostochny Bank against the same defendants, for recovery of over 9.8 billion rubles. The court ruled on September 3 to freeze the 41.6 per cent stake of Evison, now a minority shareholder, in the bank as a provisional remedy. In May, the court ordered that Evison sell 9.99 per cent of its shares to another holding, following which it lost majority control in Vostochny Bank.

Vostochny Bank stepped into the spotlight in February, after Calvey was arrested on charges of defrauding the bank of 2.5 billion rubles. Calvey, who insists he is not guilty, has been held under house arrest since April.

Via UNI-India

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