in ,

Embezzlement case against Michael Calvey draws fire from Kremlin critics (Video)

The Duran’s Alex Christoforou and Editor-in-Chief Alexander Mercouris discuss a Moscow court’s ruling to keep US investor Michael Calvey in custody until trial, rejecting an appeal from his lawyers and drawing sharp criticism, not only from known Russophobes, but from prominent Russian businessmen.

Remember to Please Subscribe to The Duran’s YouTube Channel.

Follow The Duran Audio Podcast on Soundcloud.

Via RT…

US investor Michael Calvey, accused of embezzling US$37.5 million, should remain in custody pending trial, the Russian court ruled out.

The court rejected his appeal to be released on bail or moved to house arrest as the detainee might flee the country.

Calvey, the founder and senior partner of Baring Vostok private equity group, was arrested earlier this month, along with three other executives from his fund, for allegedly embezzling $37mn (2.5 billion rubles) from Vostochny Bank via a fraudulent scheme.

According to investigators, the investor and his associates allegedly persuaded the bank’s board to accept shares of a company instead of paying off a debt. While the shares were said to be worth over 3 billion rubles ($45 million), their actual value was 600,000 rubles ($9,000).

If found guilty, he could receive up to 10 years in prison along with a fine of up to one million rubles ($15,000).

Calvey denies wrongdoing, insisting he was falsely accused by the bank’s shareholders to pressure him in a business dispute over Vostochny Bank, where he’s a board member. Calvey tried to challenge several deals made by the bank’s co-owner, Artem Avetisyan, in the London Court of Arbitration.

Calvey’s detention was criticized by prominent business figures in Russia, including Sberbank head Herman Gref, Yandex CEO Arkady Volozh, and Russia’s business ombudsman, Boris Titov, who insisted the case has nothing to do with criminal law. President Vladimir Putin’s spokesman said that the Kremlin “is closely following the developments” of the case.

Help us grow. Support The Duran on Patreon!


The statements, views and opinions expressed in this column are solely those of the author and do not necessarily represent those of The Duran.

What do you think?

Notify of
1 Comment
Newest Most Voted
Inline Feedbacks
View all comments
Olivia Kroth
March 13, 2019

All businesses of the US regime should be kicked out of Russia. Those US regime CEO bastards that do not leave within 24 hours: arrest them, give them a good amount of torture in the Lubjanka, then shoot them. Good riddance to bad rubbish. German Gref better keep his big mouth shut. Like Kudrin, he is one of those Fifth Column German U-boots in Russia doing more damage than good. Maybe German Gref should be replaced by a Russian CEO? Gref is of German origin, and it shows! The German version of his “russified” name is Hermann Graf or Gräf… Read more »

Will Trump’s Hawks Dare to Risk Israel?

Fake news and its significance in US – Russia relations – Part I