Russia indicts US investor for fraud, says lawyer

US investor Michael Calvey, the head of investment company Baring Vostok, detained on fraud charges, attends a court hearing in Moscow’s Basmanny Court on February 15, 2019. — AFP pic
US investor Michael Calvey, the head of investment company Baring Vostok, detained on fraud charges, attends a court hearing in Moscow’s Basmanny Court on February 15, 2019. — AFP pic

MOSCOW, Feb 21 — Russian investigators formally charged US investor Michael Calvey with fraud today following his controversial arrest, his lawyer said.

Investigators presented him with the indictment on the charge of large-scale fraud as part of an organised group, which can be punished by up to 10 years in prison.

“He has refused to admit his guilt or give any testimony” before consulting with his defence, lawyer Dmitry Kletochkin told Russian news agencies.

Calvey is the founder of the multi-billion-dollar Baring Vostok investment fund. He is one of six people arrested in a probe into the alleged embezzlement of 2.5 billion rubles (RM153.7 million) from Russia’s Vostochniy Bank.



French citizen Philippe Delpal, one of the five others detained in the case, was also indicted today, Russian media reported.

Calvey has said in court that the charges against him are being used as an instrument in a shareholder dispute, insisting that he has done nothing wrong.

Several high-profile figures have spoken on behalf of Calvey, with Russia’s business ombudsman Boris Titov saying the case was a typical corporate dispute and calling his arrest illegal.

But Kremlin spokesman Dmitry Peskov today said: “We have no doubt that truth will prevail as a result of the investigation. Nobody but the court can pronounce Michael Calvey innocent,” he said.

Speaking at a forum with European businessmen in Moscow, Russian Foreign Minister Sergei Lavrov said he “never met Mr Calvey” but that the arrest was “at the centre of rather lively political discussions.”

“I heard what respected people have said (about him), and I think that many others heard it too,” he added.

The US embassy in Moscow said today it had not been granted permission to visit Calvey, saying that Russia was legally obliged to do so.

“Russia’s obligations under the Bilateral Consular Convention require them to provide consular access within four days,” the embassy said in a statement.



Calvey was ordered held in pre-trial detention by a court five days ago, one day after being detained.

“We have expressed our strong concern about this delay through diplomatic channels,” he said.

During his annual state of the nation address yesterday, President Vladimir Putin called for fewer criminal proceedings against businesses. — AFP

Source: The Malay Mail Online





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