Russian court orders Baring Vostok to give up disputed bank stake
The order is a further setback for US investor Michael Calvey, who is under house arrest in Moscow, with the case catching Putin’s attention
11 June 2019 - 18:43
Moscow — A Russian court has ordered Baring Vostok Capital Partners to immediately give up control of a bank at the centre of an investor dispute that has shaken business confidence and drawn the attention of President Vladimir Putin.
A court in Blagoveshchensk in the country’s far east ordered that a call option for a 10% stake in Vostochny Bank be exercised before Baring Vostok’s pending appeal is heard, US investor Michael Calvey’s private equity group said in a statement. The transaction would cut the fund’s stake below the 50% needed to retain control...
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