Michael Calvey to be held for two months

RUSSIA / FSU POLITICS - In Brief 18 Feb 2019 by Alex Teddy
A court decided that Michael Calvey will be detained for two months before his trial begins. This is the norm in Russia. There had been some hope that he would be released on 18 February but the court decided otherwise. The American investor Calvey and three senior employees of Baring Vostok are being held in a case concerning the Russian retail lender Vostochny Express Bank. Calvey is the board chairman and majority shareholder. Calvey has been accused of fraud by Sherzod Yusupov, Artem Avetisyan's partner (both are Vostochny shareholders). Avetisyan is said to be close to the Russian security services. Such connecctions could prove to be very advantageous for Avetisyan in this trial. Mr Calvey is accused of embezzling USD 38 million. Calvey maintains his innocence. The Kremlin has refused to comment on the matter. The American Chamber of Commerce has expressed its disquiet at the case. Not many Americans are doing business in Russia at the moment so American opinion on the issue will not be a significant consideration for the Russian authorities. If convicted the accused faces up to ten years in prison.

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