A London court has ruled against Artem Avetisyan, a businessman who is embroiled in a legal battle with detained U.S. investor Michael Calvey’s Baring Vostok over control of Russia’s Vostochny Bank, the Financial Times reported on Tuesday.

Calvey, the founder of the Baring Vostok private equity group who was detained on Feb. 14 for fraud, has said that the Vostochny Bank dispute caused the charges to be leveled against him.