The Russian prosecutor's office is unable to send American businessman Michael Calvey behind bars, despite the grueling proceedings, because new evidence shows no crime has been committed, EXE News wrote.
Michael Calvey (1967) is an American businessman who founded Baring Vostok, an investment firm in Russia. Calvey and five of his colleagues were arrested in February 2019 on the pretext of allegedly defrauding Russian President Vladimir Putin and businessman Artem Avetisyan.
According to Calvey, the real reason for the arrest lies in the fact that Calvey won Avetisjan in a business dispute in London. Avetisjan used his ties with Putin and the FSB to get Calvey off his track.
If Calvey were convicted, Avetisyan would receive $ 10 million and Calvey would be sentenced to the infamous Matroshkaja Tishina prison for ten years. It is also a prison where lawyer Sergei Magnitsky died in mysterious circumstances. The same judge who prosecuted Magnitsky is set to hear Calvey's case.
As Kommersant learned, the Russian Investigative Committee reached a new valuation of shares in the International Financial Technology Group (IFTG), which completely changed the course of the case against Calvey.
The investigation showed that the market value of the securities transferred to Vostochi as repayment of the loan is not more than EUR 8500 alleged by the victim and the investigation, but only more than EUR 53 million. It is on the basis of this information that the accused's lawyers can now apply for the criminal proceedings to be terminated in the absence of the corpus delicti.
According to Kommersant sources, Lyudmila Samoilenko, a high-profile investigator in the Committee of Inquiry, and his subordinates examined the results of these investigations yesterday.
Kommersant's interlocutor noted that had there been a pre-trial audit prior to the launch of the scandalous criminal case in February 2019, there would have been no reason to investigate. The investigator had previously warned a company expert about publishing his expertise.
Sharzod Yusupov, a shareholder and member of the board of Vostochny Bank, said in a statement to investigative bodies that in 2017 he was persuaded by Michael Calvey to vote in favor of a deal unfavorable to the financial structure. Under the agreement, the bank received 59.9% of the shares of the Luxembourg-based International Financial Technology Group in respect of debts related to loans of Rs 2.5 billion, which were not repaid to the NAO, the first creditor. Calvey estimated the value of the shares at more than EUR 42 million, while Jusupov's auditors concluded that their value did not exceed EUR 8,500.
Calvey, co-founder of the multi-billion dollar BVCP fund, has been accused of fraud in February this year and sent to a pre-trial detention center by a decision of the Basmann District Court.
After Uniastrum Bank merged with Vostochny in 2017, a shortfall of nearly EUR 42 million was discovered. Calvi said a few days after signing the contract, it was revealed that the money was withdrawn from the bank in ten transactions that the American called "fictitious." In order to create clarity, a complaint was filed in the London court, accusing Artem Avetisyan, a former president of Uniastrum and now a member of the board of Vostosny, and, according to some, Sherzod Yusupov.