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Russian finance minister urges not to focus so much on Calvey’s case

The founder and managing partner of Baring Vostok was detained and later arrested on suspicion of embezzling $37.5 mln from Vostochny Bank

ST. PETERSBURG, June 6. /TASS/. Russia’s First Deputy Prime Minister, Finance Minister Anton Siluanov has urged to consider the issue of improving investment climate in the country on a systemic basis, rather than on the basis of the case of the founder of the Baring Vostok private equity firm Michael Calvey.

"Yes, Calvey is a foreign investor, there are questions to the operations of the bank and the company that he works in. But it seems to me that we are focusing too much on that. It is necessary to change the system, (make) changes from the viewpoint of tax incentives through implementation of National Projects," he said at the St. Petersburg International Economic Forum on Thursday.

Siluanov emphasized that it is necessary to address the issues of confidence and investment climate, which is connected with the operation of the judiciary system. "There is a request to make the work of the bodies ensuring the protection of business more comfortable, clear and predictable. There are similar initiatives with businessmen as well, there are also such cases in the west - for some unknown reason no attention is paid to it. It is necessary to solve the issue in general instead of considering that particular incident," he explained.

Michael Calvey, the founder and managing partner of Baring Vostok, was detained and later arrested on suspicion of embezzling 2.5 bln rubles ($37.5 mln) from Vostochny Bank. Moscow’s Basmanny Court also arrested five other suspects in the case. Calvey was sent to a pre-trial detention center, but later he was placed under house arrest.