Russia’s Business Ombudsman Calls for Release of U.S. Investor Calvey

Russia’s business ombudsman Boris Titov has once again said that the founder of Baring Vostok investment company, U.S. citizen Michael Calvey, who stands charged with 2.5-billion-ruble (about $39 million) embezzlement, must be freed from detention, Russian legal information agency RAPSI reported.

Titov told journalists the restrictive measure on Calvey should be replaced to release on bail or another noncustodial one.

According to Titov, there are legal grounds to seek the change of Baring Vostok founder’s restrictive measure.

On February 16, Moscow’s Basmanny District Court ordered the detention of Calvey until April 13. The court refused to release Baring Vostok founder on a 5-million-ruble bail ($80,000) or put him under house arrest despite his willingness to cooperate with investigators.

Five other defendants including Baring Vostok Industry Partner for the financial industry sector, French citizen Philippe Delpal, the company’s partners Vagan Abgaryan, Baring Vostok Investment Director Ivan Zyuzin, Maxim Vladimirov and ex-chairman of Vostochny bank board Alexey Kordichev, were detained. Delpal pleaded not guilty in court and refused to cooperate with investigators.

Calvey denies the allegations insisting that the deal was fair as both companies agreed its terms and stood for it, including a person reporting an alleged crime to law enforcement bodies.

Baring Vostok was founded by Calvey in 1994. It focuses on private equity investments in the CIS and Russia. The company has invested in shares of Yandex, Vkusvill, Tinkoff Bank and other major projects.