U.S. investor Calvey tells court: Find me innocent and Russia will get billions in investment

Tuesday, July 20, 2021
U.S. investor Calvey tells court: Find me innocent and Russia will get billions in investment © Reuters. FILE PHOTO: U.S. investor and founder of the Baring Vostok private equity group Michael Calvey, who is under house arrest on suspicion of fraud, attends a court hearing in Moscow, Russia August 15, 2019. REUTERS/Evgenia Novozhenina

MOSCOW (Reuters) - U.S. investor Michael Calvey on Monday told a Moscow court trying him on embezzlement charges that an innocent verdict in his case would trigger billions of dollars in foreign investment and help create thousands of new jobs.

Calvey, one of Russia's most prominent foreign investors, faces a possible six-year suspended jail sentence if found guilty with a verdict expected on Aug. 2.

The founder of Russia-focused private equity group Baring Vostok, Calvey was detained along with other executives in early 2019 on charges of embezzlement linked to mid-sized lender Vostochny. He and the executives deny the charges.

The detention of the Wisconsin-born investor rattled Russia's business community and prompted several prominent officials and businessmen to voice concerns about the way the state deals with commercial disputes and executives caught up in them.

A state prosecutor last week asked a court to hand Calvey a six-year suspended sentence.

“A court decision to reject the accusation would be an enormous positive sign about the independence of the courts and the protection of investors’ rights,” Calvey told the court, in remarks shared online by his press team.

“It would not be an exaggeration to say that such a positive decision by the court could bring Russia billions of dollars in new investments, adding thousands of jobs,” Calvey said.

Initially placed in pre-trial detention, Calvey was subsequently freed and put under house arrest instead.

President Vladimir Putin's spokesman said on Monday that the Kremlin was fully aware that the international business community was watching Calvey’s case very closely.

Dmitry Peskov, the spokesperson, told reporters that international business representatives had raised the case with Putin before, and that Putin has responded by saying that the government could not meddle in the work of the courts.

One such individual case alone could not have a major effect on Russia’s investment climate, Peskov added.

“Most important are the systemic measures that are taken to raise the country’s attractiveness for investors. These processes are far more important,” Peskov said.

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27-07-2021 18:00:04 (UTC+7)

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 EUR/USD1.1789↑ Buy
 GBP/USD1.3793↑ Buy
 USD/JPY110.11↑ Sell
 AUD/USD0.7357Buy
 USD/CAD1.2575↑ Buy
 EUR/JPY129.81↑ Buy
 EUR/CHF1.0812↑ Sell
 Gold1,796.55↑ Sell
 Silver25.165↑ Sell
 Copper4.5537↑ Sell
 Crude Oil WTI71.92↑ Sell
 Brent Oil73.81↑ Sell
 Natural Gas4.063↑ Sell
 US Coffee C206.20↑ Sell
 Euro Stoxx 504,087.57↑ Buy
 S&P 5004,422.30↑ Buy
 DAX15,555.30Neutral
 FTSE 1006,998.65Neutral
 Hang Seng25,060.87↑ Buy
 Small Cap 20002,216.03↑ Buy
 IBEX 358,711.00↑ Buy
 BASF67.170↑ Buy
 Bayer50.53Neutral
 Allianz210.15↑ Buy
 Adidas312.10Neutral
 Lufthansa9.979↑ Buy
 Siemens AG132.90↑ Buy
 Deutsche Bank AG10.556Buy
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank5,660/ 5,715
(-5/ -5) # 712
SJC HCM5,660/ 5,730
(-20/ -15) # 728
SJC Hanoi5,660/ 5,732
(-20/ -15) # 730
SJC Danang5,660/ 5,732
(-20/ -15) # 730
SJC Nhatrang5,660/ 5,732
(-20/ -15) # 730
SJC Cantho5,660/ 5,732
(-20/ -15) # 730
Cập nhật 27-07-2021 18:00:05
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KRW17,3221,08
Cập nhật lúc 17:59:17 27/07/2021
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