This December 28 opens in Moscow the trial of Philippe Delpal, businessman sued for embezzlement. He is accused by the Russian bank Vostochny of having repaid him a loan in shares, by overvaluing the latter.
This December 28 opens in Moscow the resounding trial in Moscow of the French banker Philippe Delpal, the American Michael Calvey and their colleagues from the investment fund Baring Vostok. They are accused of embezzlement.
The complaint comes from two shareholders of the Russian bank Vostochny, Cherzod Youssoupov and Artem Avetisyan. The latter accuse the respondents of having taken out a loan in October 2017 from their bank (Vostochny) in the amount of 2.5 billion rubles (approximately 33 million euros). They repaid their loan in shares of a Luxembourg company, shares which they would have overvalued.
On November 12, 2020, the Supreme Court of Russia orders the end of the house arrest of Philippe Delpal, financial director of Baring Vostok, as well as his American colleague Michael Calvey. Philippe Delpal, 48, had been under house arrest since August 2019, at the request of the prosecution. “I am not involved in this alleged crime. There was no theft or deception ”, he then declared in French during the hearing. “My life is in Moscow. Running away is not an option, because that would mean recognizing that I am guilty, ”he claimed in order to argue against a house arrest. As for Michael Calvey, 53, he was also ordered to stay at home since April of the same year, before seeing his sentence relaxed at the same time as his collaborator.
Baring Vostok was delighted with these court decisions by way of a press release, AFP reported. The text also declared to regret the continued detention of his three other collaborators. The investment fund then denounced “a criminal case mounted from scratch” and affirmed its intention to “continue to fight in court”.
Amicable settlement of the commercial aspect
In October 2020, an amicable agreement was reached on the commercial aspect of the case. The Russian banker Artiom Avetissian and the investment fund Baring Vostok where these two foreign businessmen worked, announced that they had “settled their trade dispute”: Baring Vostok then pledged to reimburse the 2.5 billion rubles to the bank which accuses him, and the parties to withdraw “all complaints in Russian and foreign courts and to stop arbitrations”.
But in the joint statement published after this agreement, Artiom Avetissian and Baring Vostok indicated that it “does not concern[ait] in no way the criminal procedure ”in this case. The criminal proceedings have taken their course.