JRL NEWSWATCH: “Calvey’s arrest sends chill through Russia’s foreign investors; U.S. founder of Moscow-based Baring Vostok was seen as savvy operator” – Financial Times/ Max Seddon, Anne-Sylvaine Chassany
“Kremlin officials were touting Russia’s investment opportunities at a [Sochi resort] conference … when news trickled out that one of the country’s last remaining American investors had been thrown behind bars. Michael Calvey … founder of Moscow-based private equity fund manager Baring Vostok, remained one of the last Russia bulls at a time when most of his contemporaries had left the country. Now … the most prominent western executive to face jail in Russia – up to 10 years on charges of fraud – casting a pall over an already fraught investment climate. … Foreign direct investments (FDI) shrank from $27.1bn in 2017 to $1.9bn last year, according to the Russian central bank. They stood at $79bn in 2013. … A former Salomon Brothers energy banker, … Calvey founded Baring Vostok in 1994 and grew it into a $3.7bn fund management business. …”
The article indicates that nearly 6,000 businessmen are in Russian prisons awaiting sentence.
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