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Tags: APFN | EU | Russia | US Investor

Russian Court Orders US Investor Calvey Held for 2 Months

Russian Court Orders US Investor Calvey Held for 2 Months

Saturday, 16 February 2019 10:38 AM

MOSCOW (AP) — 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.

© Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


GlobalTalk
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...
APFN,EU,Russia,US Investor
116
2019-38-16
Saturday, 16 February 2019 10:38 AM
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