Russia detains U.S. founder of Baring Vostok private equity group




  • In US
  • 2019-02-15 10:52:24Z
  • By Reuters

MOSCOW (Reuters) - Russia has detained the U.S. founder of the Baring Vostok private equity group in Moscow on suspicion of fraud, a spokeswoman for Moscow's Basmanny court told Reuters on Friday.

Yunona Tsaryova, the spokeswoman, said Michael Calvey, also a senior partner at the fund, was detained on Thursday.

Moscow's Basmanny court will rule later on Friday on whether to hold Calvey in custody, the Interfax news agency said.

Baring Vostok is a major equity fund group in Russia. Its website says it has over $3.7 billion of committed capital.

Calvey, also a senior partner at the fund, set it up in 1994.

Other members of the fund's team were also reported to have been detained.

The same Moscow court will decide later on Friday whether to hold a partner in the fund, Vagan Abgaryan, in custody, Interfax cited the same court spokeswoman as saying.

Baring Vostok was cited by Interfax as saying that Calvey had been detained in connection to a dispute over Russia's Vostochny Bank, in which the fund is a controlling shareholder.

Before starting at Baring Vostok, Calvey worked for the European Bank for Reconstruction and Development and Salomon Brothers.

(Reporting by Olga Popova, Andrey Kuzmin, Anastasia Lyrchikova, Katya Golubkova and Tatiana Voronova; Writing by Tom Balmforth; Editing by Andrew Osborn)

COMMENTS

More Related News

Putin visits Crimea to mark 5th anniversary of annexation
Putin visits Crimea to mark 5th anniversary of annexation

MOSCOW (AP) - Russian President Vladimir Putin marked the fifth anniversary of Russia's annexation of Crimea from Ukraine by visiting the Black Sea peninsula on Monday, as NATO and the European Union once again strongly condemned the land grab.

Why an unbuilt Moscow Trump tower caught Mueller
Why an unbuilt Moscow Trump tower caught Mueller's attention

Further information has come from Michael Cohen, Trump's former personal lawyer who was instrumental in the negotiations, in congressional testimony and in his guilty plea to a charge of lying to Congress about the project. Mueller's team said in a December 2018 court filing that "the Moscow Project was a lucrative business opportunity that sought, and likely required, the assistance of the Russian government. If the project was completed, the Company (the Trump Organization) could have received hundreds of millions of dollars from Russian sources in licensing fees and other revenues." The project is significant because it shows Trump was chasing a lucrative business deal in Russia at...

Russia to mark five years since Crimea annexation
Russia to mark five years since Crimea annexation

Russia on Monday will mark the fifth anniversary of Moscow's annexation of Crimea from Ukraine, condemned by the West but celebrated by most Russians. President Vladimir Putin will take part in celebrations in the Black Sea peninsula, where he is also due to launch a new power station, the Kremlin said. Moscow's 2014 takeover of Crimea was denounced by Kiev and the West as an annexation and led to sanctions against Russia, but it resulted in a major boost of Putin's popularity at the time.

Russia Still Paying Price for Crimea Five Years After Annexation
Russia Still Paying Price for Crimea Five Years After Annexation

For Russia, the costs continue to mount. The accession treaty signed to bring the Black Sea territory into Moscow's fold is still unrecognized by most countries and the U.S. and European Union led a broad effort to punish Russia with sanctions. Undeterred, Russia has kept integrating Crimea into its

Trump calls for
Trump calls for 'Space Force', nations talk space peace

On the surface, this looks like a terrible moment for the world's major military powers to negotiate a deal on preventing an arms race in space. Last month, UN chief Antonio Guterres warned that the global disarmament architecture was "collapsing," citing various diplomatic failures, including Washington's decision to scrap a crucial nuclear weapons treaty with Russia. Meanwhile, the Pentagon has drafted plans for a new "Space Force" on orders from President Donald Trump who has declared space a "war-fighting domain".

Leave a Comment

Your email address will not be published. Required fields are marked with *

Cancel reply

Comments

Top News: US

facebook
Hit "Like"
Don't miss any important news
Thanks, you don't need to show me this anymore.