Russian Authorities detain prominent U.S. Investor

Russian Authorities detain prominent U.S. Investor

Friday, February 15, 2019 10:17 pm

                        Prominent U.S. Investor Michael Calvey

Russian Authorities have detained prominent U.S. Investor Michael Calvey, a Representative of his firm, Baring Vostok Capital Partners, told dpa on Friday.

Calvey was detained on suspicion of involvement in an embezzlement of 37 million dollars from bank Vostochny Express, state media reported.

Calvey controls an ownership stake of more than 50 per cent of Vostochny Express, according to a statement that the bank issued late 2018.

Baring Vostok and “all its portfolio companies, including bank Vostochny Express,’’ have continued to operate as normal, the firm said on Friday in a statement on its website.

The case is based on an allegation by a member of Vostochny Express’ board of directors, state media reported.

The investment firm confirmed that Calvey and three other employees had been detained over a dispute with the affiliated bank.

Calvey is a senior partner at Baring Vostok, with the firm since its inception 25 years ago, according to a bio on its website.

Baring Vostok describes itself as one of the largest investment firms in the former Soviet Union, with 3.7 billion dollars of committed capital.

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