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After the French Philippe Delpal, another senior executive of the investment fund Baring Vostok - one of the main Russian - an American this time is under lock and key. Michael Calvey was placed in pre-trial detention until April 13 pending a trial for fraud.
Michael Calvey, Philippe Delpal and several other employees of Baring Vostok are accused of causing fraud of at least 2.5 billion rubles, or 33 million euros at the current rate.
According to the investigators, a company owned by Michael Calvey would have received a loan of this amount in 2017. This loan would have repaid to the Vostochny Bank with shares in a Luxembourg company, actions that would have been heavily overestimated.
But at the hearing this Saturday, Michael Chalvey claimed his innocence. In his view, this is an attempt to pressure him into a commercial dispute with the bank before an arbitral tribunal in London.
The Vostochny Bank that Baring Vostok would control more than 52%, while another investor Artiom Avetisian would own a third according to Russian media. It is him who according to Michael Calvey would be behind the filing of complaint of fraud.
This is not the first time that foreign investors are worried by Russian justice. In 2013, a Briton was sentenced to prison in absentia. Several years ago, he accused Russian police and tax officials of embezzling more than 130 million euros. Michael Calvey will appeal his imprisonment.