Founder of the Baring Vostok Investment Fund, Michael Kalvi, sentenced in Russia to the suspended date on the embezzlement, will continue to invest in the country’s economy. He stated this at the 21st Investment Conference of the American Chamber of Commerce in the Russian Federation, RIA Novosti reports.
“Why I continue to keep optimism and plan to invest in Russia … The Russian market has significantly improved compared with the period when we started their investments here,” the businessman said. According to him, in many emerging markets there are no conditions created in Russia. Advantages for investors Calvi called low taxes, ruble convertibility, small inflation and the level of the public debt.
Michael Kalvi was arrested in early February 2019 in the case of the embezzlement of the funds of the Bank “East” after the statement by the Minoritarian shareholder of Sherzod Yusupov. He argued that Calvi “First Collector Bureau” was paid on a loan by 2.5 billion rubles with shares worth 600 thousand rubles. American businessman did not recognize his guilt.
On August 7, 2021, Moscow’s Meshchansky court sentenced Calvi for 5.5 years of punishment conditionally. He called the court decision “almost victory,” but stated that the indictment in the embezzlement insults him as an investor. At the end of August, Calvi appealed against the sentence.