Calvey free from house arrest
RUSSIA / FSU POLITICS
- In Brief
13 Nov 2020
by Alex Teddy
On November 12 Michael Calvey's house arrest was ended by the Russian Supreme Court. The American investor was arrested 18 months ago. He had been one of the major investors in the country for over 20 years. He founded Baring Vostok investment fund. Calvey and 5 others were charged with embezzling from Vostochny Bank. They were a Frenchman and four Russians.Calvey's case led to many Russian financiers protesting. They felt it was unfair and ruined Russia's reputation as a place to do business.There was a dispute between Baring Vostok and Finvision which is owned by Artem Avetisyan. Calvey's supporters said he was framed because of this.A USD 32 million agreement was made between Baring Vostok and Finvision. The arbitration claims were then dropped.Baring Vostok invested in tech startups. It helped Yandex and Ozon. Ozon in launching on the stock market in December 2020.Calvey has always maintained his innocence. The civil case has been dealt with. That does not automatically mean that the criminal case is discontinued. The Supreme Court has sent the case back to a lower court. The property of Calvey and the others was frozen in February 2019. It has now been unfrozen.Calvey and the others still have to stay at home between 22:00 and 06:00. They are not allowed to contact each other or other witnesses.The Russian Direct Investment Fund has long called for the whole affair to be ended. RDIF invests in Baring Vostok.
Now read on...
Register to sample a report