Page 25 - RusRPTMar20

The High Court in London has ruled that contempt of court charges can be brought against two Russian businessmen that ignored clauses in a shareholders agreement with investment fund Baring Vostok to hold an arbitration dispute in London ​and instead sued the fund in a Russian court in the middle of nowhere in Russia’s far-flung regions. The Russian court found in the Russians' favour. The business community has been shocked by the case that has seen arguably Russia’s best known fund manager, US citizen Michael Calvey, put under a very restrictive house arrest along with four colleagues who were all arrested on February 14 last year. A Russian court last week extend Calvey’s house arrest to May 13, also applying the measure to his French national colleague Philippe Delpal. The court also ruled for the release of three Russian nationals to house arrest. They had been in jail for almost a year. The fourth Russian national was already released to house arrest last year. The UK court ruled that Baring Vostok can bring a fresh case against Artem Avetisyan and Sherzod Yusupov, both former partners in an investment in Orient Express Bank (OEB, aka Vostochniy bank) that has turned sour. Avetisyan is widely believed to have used his friendship with Dmitri Patrushev, a banker and son of the former head of the FSB, to organise criminal charges for embezzlement against the Baring Vostok team that led to their arrest.
Russia’s pension reform will add 10mn to work force in temporary relief.
However the demographic contraction will continue for the next decade. The decision to increase retirement ages will ease the pain somewhat in the medium term.
25​ RUSSIA Country Report​ March 2020 ​ ​www.intellinews.com