The defense team of Philippe Delpal, an industry partner at investment company Baring Vostok, who was arrested in Russia as part of an investigation into the embezzlement of 2.5 billion rubles ($38.2 million) from Vostochny Bank, has lodged a cassation appeal against the decision to hold him in custody, the press service of the Moscow City Court told Sputnik
MOSCOW (Pakistan Point News / Sputnik - 04th April, 2019) The defense team of Philippe Delpal, an industry partner at investment company Baring Vostok, who was arrested in Russia as part of an investigation into the embezzlement of 2.5 billion rubles ($38.2 million) from Vostochny Bank, has lodged a cassation appeal against the decision to hold him in custody, the press service of the Moscow City Court told Sputnik.In mid-February, a Moscow court ordered that Delpal and five other suspects in the case, including Baring Vostok founder Michael Calvey � who is a US citizen � should remain in custody for two months. In early March, the Moscow City Court upheld the decision to keep Delpal under arrest.
"An appeal in cassation against the ruling of a [Moscow] court from February 16 has been filed," the press service said.
Delpal and the five other suspects were detained in Moscow in February.
Investigators believe that an entity owned by Calvey owed Vostochny Bank 2.5 billion rubles. However, instead of repaying the debt, Calvey and Delpal, together with other unidentified persons, convinced the bank's shareholders to approve the signing an agreement under which Vostochny Bank would receive 59.9 percent of the shares in another company controlled by Calvey.
Upon their transfer, the shares were estimated at 3 billion rubles, despite the fact that their real market value did not exceed 600,000 rubles.
