JRL NEWSWATCH: “Top American investor detained in Moscow” – BMB Russia/ Bear Market Brief

“Michael Calvey … was detained in Moscow … on charges of fraud. … Since founding Baring Vostok in 1994, Calvey has been one of the preeminent foreign investors in Russia. … [T]he fraud allegations may be fallout from an ownership dispute over Vostochny Bank …. a blow to Russia’s already cold investment climate. … one journalist noted, the Kremlin must have ‘decided the Russian investment climate wasn’t dying fast enough.’ … Also detained are former Chairman of the Board of Vostochny Bank Alexei Kordichev, Baring Vostok partners Vahan Abgaryan, Philippe Delpal, Ivan Zyuzin, and CEO of First Collection Bureau Maxim Vladimirov. [] Investigators [allege] that Calvey, aware that First Collection Bureau (controlled by Baring Vostok) had 2.5 billion rubles in debts, knowingly arranged the sale of First Collection Bureau shares to Vostochny Express Bank. … [] Baring Vostok holds $3.7 billion in capital.”

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