23 Sep 2021 11:48

Calvey plans further investment in Russian economy

MOSCOW. Sept 23 (Interfax) - U.S. businessman Michael Calvey, founder of the Baring Vostok investment company given a suspended sentence in Russia, says he remains optimistic about investing in the Russian economy.

"I am still optimistic about Russia, about prospects for investments here," Calvey said at a conference held by the American Chamber of Commerce in Russia (AmCham) in Moscow on Thursday.

"Roughly 95% of our fund's portfolio today is focused on customers in Russia and Kazakhstan," he said.

Calvey and some of his colleagues were indicted in a high-profile criminal case of defrauding the Vostochny Bank in 2019. None of them pleaded guilty.

Moscow's Meshchansky District Court passed suspended sentences on all the defendants in 2021. Calvey was given a 5.5-year suspended sentence. The sentence has not taken effect, as the defense teams of all convicts appealed it. An appeal panel has yet to schedule the hearing date.