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Bloomberg
A Russian court ruled that Michael Calvey, the founder of private-equity firm Baring Vostok Capital Partners and one of the country’s longest-standing American investors, should be held in custody for nearly two months in an embezzlement case. Calvey will be held through April 13, the judge said. Calvey’s lawyer said the investor maintains his innocence and will appeal.
Calvey and three other Baring Vostok employees are being detained in a case revolving around Russian retail lender Vostochny Express Bank, where the American is board chairman and a majority owner. A dispute had emerged between Calvey and Vostochny shareholder Artem Avetisyan, who has ties to Russia’s security services, over control of the bank and its board. Avetisyan didn’t reply to requests for comment on Friday.
The case raises questions about Russia’s adherence to the rule of law, and should trigger demands for reform, the head of the American Chamber of Commerce in Russia said earlier on Saturday.