Baring Vostok Defends Employees Detained In Russia

Baring Vostok defends employees detained in Russia.
 
Authorities in Moscow detained four employees.  Baring Vostok accredits these charges to an ongoing commercial dispute related to Orient Express, a Baring Vostok Fund portfolio company.  They do not relate to Baring Vostok as a whole, or any other Baring Vostok Fund portfolio companies.  Baring Vostok and all the Funds’ portfolio companies, including Vostochny Express Bank, continue normal operations.  Baring Vostok will finance the Vostochny Express Bank capital increase as approved by the Central Bank. 
   
Baring Vostok accredits the detention of its employees and the charges brought to a conflict with shareholders of Vostochny Bank.  They are certain of the legality of their employees' actions and will vigorously defend their rights.  Baring Vostok's activities in the Russian Federation are fully compliant with all applicable laws.
  
Michael Calvey of Baring Vostok said: 'The claims against the management of Baring Vostok by Mr. Yusupov about Vostochniy Bank and IFTG have no merit, and we believe that they are 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.'
  
Both Kirill Dmitriev, head of Russia’s sovereign wealth fund, and German Gref, head of Sberbank, Russia’s largest state bank, showed support for Michael by issuing written statements.
   
Founded in 1994, with $3.7 billion in committed capital from investors including pension funds and university endowments, Baring Vostok is more than capable of managing risk beyond the boundaries of algorithms.

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