Calvey civil case ends in a USD 32 million payout

RUSSIA / FSU POLITICS - In Brief 29 Oct 2020 by Alex Teddy
Michael Calvey, an American investor in Moscow, has been detained for 18 months. The founder of Baring Vostok was accused of embezzlement. It relates to the ownership of Vostochny Bank. Calvey is under house arrest.The Russian business and banking community said the case has had a very deleterious effect on the investment climate. Many claim this case should be a civil not a criminal matter. Some suspect that Calvey was arrested to twist his arm into conceding the civil case. On October 28 Vostochny Bank announced that it has made an agreement with First Collection Bureau which is owned by Baring Vostok.The criminal case is run by the State Investigative Committee. It is not certain that they will drop the prosecution.

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