Support The Moscow Times!

U.S. Investor Calvey Detained in Moscow on Suspicion of Fraud

Michael Calvey Ruslan Shamukov / TASS

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 was detained on Thursday.

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

Read more

Independent journalism isn’t dead. You can help keep it alive.

As the only remaining independent, English-language news source reporting from Russia, The Moscow Times plays a critical role in connecting Russia to the world.

Editorial decisions are made entirely by journalists in our newsroom, who adhere to the highest ethical standards. We fearlessly cover issues that are often considered off-limits or taboo in Russia, from domestic violence and LGBT issues to the climate crisis and a secretive nuclear blast that exposed unknowing doctors to radiation.

As we approach the holiday season, please consider making a one-time donation — or better still a recurring donation — to The Moscow Times to help us continue producing vital, high-quality journalism about the world’s largest country.