Mike Calvey: the charge against me is not only dishonest, but also illegal

REFEED: Michael Calvey appears in court for alleged fraud

Russian Judicial Authorities Accuse American Investor of Fraud

A Moscow court has begun consideration of the embezzlement case against the American investor Michael Calvey. Calvey and several of his colleagues at Baring Vostok face ten years in prison on fraud charges.

At the trial, Calvey firmly declared his innocence.

“I was charged with a serious crime and put on trial for a crime fictionalized by investigators,” Calvey said (written speech provided by Baring Vostok).

“Under these circumstances, the accusation against me is not only senseless and dishonest, but also illegal,” the businessman stressed..

Calvey, one of the most successful foreign investors in the Russian economy, was arrested in February 2019.

The case against him was initiated after a complaint by the shareholder of Vostochny Bank Sherzod Yusupov. According to the investigation, Michael Calvey persuaded the board of directors of Vostochny to vote for forgiving the loan of the First Collection Bureau of two and a half billion dollars in exchange for shares of the Luxembourg IFTG fund.Mike Calvey: the charge against me is not only dishonest, but also illegal Calvey calls the accusations against him a lie and links them to a corporate conflict between him and the bank’s shareholders.

Calvey’s arrest amazed the business community and prompted many of Russia’s top entrepreneurs to speak out in his defense.

Calvey was later released from custody and placed under house arrest, but his prosecution has exacerbated concerns about the investment climate in Russia today..

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