Tags: michael calvey | investor | russia | arrests | held

Russian Court Orders US Investor Calvey Held for 2 Months

Russian Court Orders US Investor Calvey Held for 2 Months
Founder of the Baring Vostok investment fund Michael Calvey looks through a cage's class in the court room in Moscow, Russia, Saturday, Feb. 16, 2019. A Moscow court has ordered Baring Vostok's founder Michael Calvey to be kept in custody until April 13, 2019. (AP Photo/Alexander Zemlianichenko)

Sunday, 17 February 2019 09:54 AM

A Moscow court has ordered a U.S. investment fund manager to be jailed for two months while facing fraud charges.

Michael Calvey, founder and senior partner at Baring Vostok equity firm, was detained Friday morning along with two other fund managers.

Prosecutors say Calvey is suspected of embezzling 2.5 billion rubles ($37 million) from Vostochny Bank, where Baring Vostok has a controlling stake.

But Calvey said during his court appearance Saturday that the charges against him are likely connected to an arbitration case that Baring Vostok initiated against some Vostochny Bank shareholders.

Calvey has worked for years in Russia and invested heavily in the country's technology sector, including in the web search company Yandex.

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A Moscow court has ordered a U.S. investment fund manager to be jailed for two months while facing fraud charges.Michael Calvey, founder and senior partner at Baring Vostok equity firm, was detained Friday morning along with two other fund managers.Prosecutors say Calvey is...
michael calvey, investor, russia, arrests, held
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2019-54-17
Sunday, 17 February 2019 09:54 AM
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