On Feb. 28, a Russian court denied bail and house arrest for U.S. citizen Michael Calvey, who was jailed two weeks earlier on alleged fraud charges. For over two decades, Calvey has been one of the country’s most respected foreign investors. Facing an outcry at home and abroad, the Kremlin might now have misgivings. Perhaps this case will help focus minds on the value of foreign investment and reform for Russia’s economic future. Since 1994 Baring Vostok Capital Partners, which Calvey founded, has invested over $2.8 billion in 80 companies in Russia and other countries in the former Soviet Union. On February 16 a Moscow court ruled that Calvey would be held in pre-trial detention for two months. Calvey and other detained executives from Baring Vostok may have run afoul of well-connected interests. Baring Vostok has taken to arbitration in London a commercial dispute with a businessman, according to one media source, who is friendly with the son ofNikolai Patrushev, secretary of Russia’s Security Council and former head of theFederal Security Service (FSB). Whether he or someone else, the person behind the arrests must have Kremlin clout. The Economist says “the image of Mr. Calvey in the defendant’s cage sent… Read full this story
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