Bank of Russia Jointly Owned Fraud Cases

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      The central bank met with minority shareholders of Vostochny Bank on Wednesday. The majority shareholder of Vostochny Bank, an American investor, was detained on fraud charges last week, a bank source and a senior Russian official told Reuters.
When contacted by Reuters, the Bank of Oriental declined to comment, and the central bank said it would not comment on the grounds that its policy did not discuss the banking activities it was focusing on.
Vostochny is the 35th largest Russian bank with a majority stake in Baring Vostok Capital Partners, its main equity capital fund.
The founder of the fund, Michael Calvey, an American citizen, and several other senior managers of the fund were detained last week on suspicion of cheating Vostochny Bank shareholders. They denied the charges and said the case was used to exert pressure in commercial disputes.
Prosecutors said the case was brought when a minority shareholder of Vostochny Bank went to law enforcement officials to accuse Baring Vostok of fraud.
The bank source said the central bank would meet with minority shareholders to discuss how to deal with the lender's financial problems, especially in view of Calvey's detention.


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