Detained American banker in Russia a step closer to freedom

RUSSIA / FSU POLITICS - In Brief 20 Sep 2019 by Alex Teddy
Michael Calvey was arrested in February 2019 on suspicion of massive fraud. Calvey had been an executive at Baring Vostok which is one of the biggest investment firms in Russia. A state investigative committee concluded on September 18 that the ITFG shares that Baring Vostok transferred to Vostochny Bank were worth USD 58.9 million. Calvey's accusers said the shares were worth only USD 9 300. That is a big difference! How did the authorities not notice a discrepancy of over 99% of the value before? The defense says that Baring Vostok believed that their debt repayment was proper. Calvey is under house arrest.

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