Russia lays fraud charges against US investor
Michael Calvey, the founder of the Baring Vostok private equity group, had denied the allegations against him
Moscow — Russian state prosecutors on Thursday formally charged top US investor Michael Calvey, the founder of the Baring Vostok private equity group, with fraud, hours before Washington accused Moscow of denying its diplomats access to him. Calvey was first detained last week along with three other executives from his fund after investigators accused him and others of embezzling 2.5-billion roubles ($38.17m). Calvey denies the allegations against him, saying the case is being used to apply pressure on him in a business dispute over a Russian bank in which he is a shareholder. The case has raised concerns among some foreign investors in Russia who are worried about the business climate. In a sign those concerns are being taken seriously in some circles, the head of Russia’s RDIF sovereign wealth fund and its biggest state bank have spoken out in Calvey’s favour. RDIF on Thursday requested Calvey be freed from a pre-trial detention facility in Moscow and put under house arrest instea...
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