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Russian major bank's chief calls Calvey's arrest an 'excessive measure'

March 14, 13:36 UTC+3

The head of VTB Bank says circumstances behind the Baring Vostok case "cause concern"

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Michael Calvey

Michael Calvey

© AP Photo/Alexander Zemlianichenko

MOSCOW, March 14. / TASS /. The arrest of Michael Calvey, the founder of the Baring Vostok investment fund, is an excessive measure, and the case itself raises questions and negatively affects the Russian market, head of VTB Bank Andrei Kostin told reporters on Thursday.

"Being in a pre-trial detention center, especially for a long time, without a court decision, of course, is wrong. When it comes to Calvey, this measure is certainly excessive. At the very least, what we know raises many questions, and therefore there is no unequivocal clarity as I see it, on whether or not the person is guilty," Kostin said.

According to him, the circumstances of the Baring Vostok case and Calvey's arrest are "incomprehensible to business and not fully transparent, therefore they cause concern and negatively affect the market."

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