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Baring Vostok will defend rights of its detained employees

MOSCOW, February 15. /TASS/. Baring Vostok believes that detention of its employees suspected of fraud is caused by the conflict with shareholders of Vostochniy Bank, the fund said in a media statement.

"Baring Vostok believes that the detention of its employees and the charges that have been brought are a result of a conflict with shareholders of Vostochniy Bank. We have full confidence in the legality of our employees' actions and will vigorously defend their rights. Baring Vostok's activities in the Russian Federation are fully compliant with all applicable laws," the fund said in a statement.

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Baring Vostok founder is suspected of embezzling $37.4 mln

On Friday, the law enforcement forces detained four employees of the Baring Vostok investment fund, including its founder, US citizen Michael Calvey, on suspicion of embezzling 2.5 bln rubles ($37.4 mln),

Calvey is also the controlling shareholder and chairman of the board of directors of Vostochniy Bank.

About Baring Vostok

Baring Vostok is one of the largest private equity firms focusing on Russia and the CIS with a capital of $3.7 bln. Since 1994, the fund has invested more than $ 2.4 bln in 70 projects in the areas of financial services and the oil and gas industry, telecommunications and media, and in the consumer sector.

Baring Vostok’s projects include CTC Media, Yandex, Avito, Ozon, ER-Telecom, 1C, Novomet.

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Russia presents world’s first hydrogen-fueled luxury car at Innoprom exhibition

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Mikhail Bogdanov noted that "the African continent is a dynamically developing part of the world with an enormous growth potential, attractive domestic market and expanding export prospects"

Russians not let to Turkish Airlines flights to Mexico due to US pressure on it — diplomat

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UNSC rejects amendment by Russia, China to resolution on nuclear weapons in outer space

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Top Russian security official meets with counterparts at international security meeting

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