News

Media Statement

09.10.2019

We consider the 8 October 2019 decision of the Basmanniy Court to extend the house arrests of Michael Calvey and Philippe Delpal to be unfounded.

The court is acting at the behest of the investigator, who is intentionally dragging out the case in order to put pressure on our colleagues, while completely ignoring The defence’s arguments. The criminal case, which was initiated to exert pressure as part of a commercial dispute is completely illegitimate. This is clear from the court’s own decision to completely ignore a court-ordered valuation of IFTG that put the fundamental value of the shares in question at RUB 4 billion, and the offers received by Vostochny Bank this summer to buy the disputed shares for around RUB 2.5 billion.

Numerous indications that the arrests of innocent people is being used to gain control of the bank and to conceal the real asset stripping have been ignored.

Furthermore, statements by the investigator that our colleagues’ insistence that they are innocent and the widespread media coverage of this high-profile case are the key reasons to extend their arrests are simply breathtaking.

At the same time, we are confident our colleagues’ innocence will ultimately be established, and the raiders will receive the punishment they deserve.­

For further information, please contact:

Denis Denisov
EM
+79854103544
bvcp@em-comms.com

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