Russian Court Postpones Hearing On Vostochny Bank's Case Against Michael Calvey To July 23

The Amur Region arbitration court in Russia on Thursday postponed a preliminary hearing of the case filed by Vostochny Bank against its shareholder, Evison Holding, and Baring Vostok private equity company founder Michael Calvey until July 23, the court's spokeswoman, Elena Gorlova, has told Sputnik

BLAGOVESHCHENSK (UrduPoint News / Sputnik - 04th June, 2020) The Amur Region arbitration court in Russia on Thursday postponed a preliminary hearing of the case filed by Vostochny Bank against its shareholder, Evison Holding, and Baring Vostok private equity company founder Michael Calvey until July 23, the court's spokeswoman, Elena Gorlova, has told Sputnik.

The lawsuit aims to recover damages from Calvey and Evison due to the distortion of financial reports.

"The Amur Region arbitration court has not received proof that Michael Calvey has been provided with the court's writs translated in English.

The case's hearing is postponed until July 23," she said.

Calvey and several other individuals were detained in February 2019 on charges of defrauding the Russian lender of 3 billion rubles ($38 million). According to the investigation, they offered to pay back the debt to Vostochny Bank with a controlling stake of another company that Calvey owned of allegedly tantamount value. The prosecution has found that the shares are far less valuable, worth approximately 600,000 rubles at most.