“It can happen to anyone.” American investors and politicians refuse to participate in St.Petersburg International Economic Forum due to case against Calvey

“It can happen to anyone.” American investors and politicians refuse to participate in St.Petersburg International Economic Forum due to case against Calvey
Michael Calvey

Ambassador of the United States to Russia Jon Huntsman has already announced a boycott.

Representatives of American companies and officials are intent to boycott St.Petersburg International Economic Forum (SPIEF) in June, 2019, as a mark of protest against arrest of a founder of investment fund Baring Vostok - the U.S. Citizen Michael Calvey.

“It’s hard to overestimate how scared people are, how deep their concerns are <…> If he (Calvey) is in prison, it can happen to anyone,” a source told Financial Times.

Ambassador of the United States to Russia Jon Huntsman has already refused to participate in St.Petersburg International Economic Forum: at least until Calvey is under arrest.

“The arrest of Calvey will cut down on Russian investment environment, and the absence of several foreign guests at the Forum in St.Petersburg will plainly demonstrate it,” a high-ranking senior executive who works in Moscow told Financial Times.

Former Ambassador of the United States to Moscow Michael McFaul called the arrest of Calvey “a signal for the entire American business in Russia.” The diplomat believes the accusations against Calvey prove that Russian authorities “are capable of arresting anyone.”

“My friends from the U.S. who carry on with their business in Russia are better get back home,” McFaul wrote on Twitter.

The CrimeRussia earlier reported Michael Calvey and his 5 partners were detained on February 15 in a case into theft of 2.5 billion rubles ($38 million) from Vostochny bank. All suspects were sent to a remand prison and accused under item 4 of article 159 of Russia’s Criminal Code).

The investigation theory is that Pervoye kollektorskoye byuro (First collection bureau) controlled by Calvey paid off a debt of 3 billion rubles ($45 million) with the help of shares that are, as estimated by the Federal Security Service, worth of only 600 thousand rubles ($9 thousand).

Calvey is convinced that another shareholder of Vostochny - Artem Avetisyan - is trying to settle a corporate conflict this way. In particular, at the present time, London’s reference court has his sue against Avetisyan in a case related to withdrawal from Uniastrum bank that had merged with Vostochny.

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