trending Market Intelligence /marketintelligence/en/news-insights/trending/jYrXZ8R3jBnxjMP9tc_KmA2 content esgSubNav
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

Contact Us
In This List

Report: New suspect detained in Baring Vostok case

Banking Essentials Newsletter December Edition Part 2

Banking Essentials Newsletter - November Edition

University Essentials | COVID-19 Economic Outlook in Banking: Rates and Long-Term Expectations: Q&A with the Experts

Estimating Credit Losses Under COVID-19 and the Post-Crisis Recovery


Report: New suspect detained in Baring Vostok case

Russian law enforcement authorities detained Public Stock Co. Orient Express Bank's former investments director Alexander Tsakunov over suspected large-scale fraud and embezzlement of funds from the lender, Vedomosti reported Dec. 20.

Tsakunov, who has been placed under house arrest until Jan. 13, is the seventh person detained as part of the ongoing investigation into the alleged theft of 2.5 billion rubles from Orient Express Bank, with Baring Vostok Capital Partners Ltd. founder Michael Calvey and five other executives detained earlier in 2019.

Calvey, who also remains under house arrest, has repeatedly denied any wrongdoing, claiming that the accusations are part of a corporate dispute between Orient Express Bank's former controlling shareholder Baring Vostok and current controlling shareholder Russian businessman Artem Avetisyan, who has controlled the lender since June.

As of Dec. 20, US$1 was equivalent to 62.23 Russian rubles.