Russian court orders seizure of stake in Vostochny Bank

RUSSIA / FSU POLITICS - In Brief 04 Sep 2019 by Alex Teddy
Private equity company Baring Vostok's stake in Vostochny Bank has been seized by court order. 334 billion shares controlled by Baring Vostok have been taken. The Arbitration Court of Amur Region gave the order. The court's rationale was that Baring Vostok must be prevented from selling the shares before the criminal case concerning the company is concluded. The news was published on September 2. The Baring Vostok saga has been going on since February 2019. Millionaire American investor Michael Calvey is still awaiting trial under house arrest in Russia on charges of large scale embezzlement. A French bank colleague of Calvey's is also held on remand, under house arrest, in Russia in relation to the case. Baring held a 41.6% stake in Vostochny. Until June 2019 this stake was even higher.

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