The problem is now fixed.
After spending some time on Russian forums I found a way to un-brick my device.
Hopefully this will be useful to other people as well).
You will need:
1. SP Flash Tool v3.1312.0.139 (the tool that has the smallest possibility of bricking your device) - SP FLASH 3.1312 - download this version from any where easily available
http://www.mediafire.com/download/06i9q9137o85vbf/SP_Flash_Tool_exe_v3.1312.0.139.zip
2. preloader.bin from another simillar MT6589 ROM PRELOADER UNBRICK -
http://www.4shared.com/file/eKQafu3Gce/preloader_vanzo89_wet_jb2.html
3. Latest gfive g9 rom from
http://firmwarefile.com/gfive-g9
4. MT6589 drivers -
http://www.4shared.com/zip/Ck8c26hnba/Driver.html
STEPS:
1. Install the MT6589 drivers on your WINDOWS computer
2. take the battery out of your phone and connect the USB cable, windows should install the required drives. Disconnect the phone
3. Start SP Flash and select the scatter file from the archive you have downloaded
4. DESELECT EVERYTHING except PRELOADER
5. Click on PRELOADER and browse to the newly downloaded PRELOADER_UNBRICK file
6. Click on Download and ignore the message
7. Now, this is very important, while holding the VOLUME + button connect the USB to the phone, do not let go of the VOLUME + button, hold it until the SP FLASH process finishes, mine took about a couple of minutes, while the process bar went to 100% RED and then through a PURPLE if I remember correctly. Only let go of the VOLUME + when you see the last GREEN CIRCLE. ( IF SP FLASH CAN'T SEE THE PHONE WHEN YOU PLUG THE USB, STILL HOLDING THE VOLUME + BUTTON, INSERT THE BATTERY - THE PROCESS IS THEN THE SAME)
8. Now, if this went OK, you should have a brand new working preloader on your phone
9. Disconnect the cable from the phone and Restart SP Flash Tool
10. Same steps as before, select the scatter file, but now DESELECT the PRELOADER
11. click on DOWNLOAD and ignore the message
12. With the battery out reconnect the USB cable to the phone, if the flashing process doesn't start, insert the battery and the flashing process will start. It will take a good few minutes, but you should be OK.
13. DO NOT TAKE THE BATTERY OUT AFTER THE FLASHING PROCESS HAS FINISHED, JUST DISCONNECT THE USB CABLE AND PRESS THE POWER BUTTON
14. FINGERS CROSSED YOUR UNBRICKED DEVICE IS NOW POWERING
GOOD LUCK!
I AM NOT RESPONSIBLE FOR ANY DAMAGE THIS PROCESS MIGHT CAUSE TO YOUR DEVICE.THIS PROCESS MIGHT WORK WITH OTHER MT6589 DEVICES
