Yesterday the Moscow Bassmaniy Court extended its hearing to decide on pre-trial restrictions for Michael Calvey, while leaving him under detention for an additional 72 hours.
Baring Vostok Capital Partners Group Limited confirms that the claims made against its employees regarding Bank Vostochniy’s acquisition of shares of IFTG have no merit.
Michael Calvey pleaded innocent in court and said: “The claims being made against the management of Baring Vostok by Mr Yusupov regarding Vostochniy Bank and IFTG have no merit and we believe that they are simply meant to pressure Baring Vostok to drop its arbitration claims in London or to obstruct the new share emission of Vostochniy Bank. IFTG is a profitable, growing business that has clear synergy with Vostochniy Bank. Mr Yusupov was personally involved in the negotiations and approval of the acquisition of IFTG.”
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