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Americans Detention Potentially Decisive Moment for Russia, Trade Groups Say

Americans Detention Potentially Decisive Moment for Russia, Trade Groups Say

MOSCOW — Last week’s shocking detention of one of Russia’s most renowned and publicly visible American entrepreneurs not only caught fellow foreign investors off guard, it may have prompted a moment of national reckoning about how Moscow handles investor relations, say both Kremlin-aligned and international trade groups.

Baring Vostok founder Michael Calvey’s arrest Feb. 15 on charges of fraud stemming from a lengthy legal dispute with Russia’s Orient Express Bank sparked widespread speculation about whether the days of unbridled “reiderstvo” — aggressive Kremlin-backed asset raids and corporate takeovers synonymous with Yukos, Russneft, Bashneft, Stolichnaya Vodka and VKontakte — were a thing of the past, or whether, perhaps, Calvey had actually committed a crime.

A recent Moscow court decision to extend Calvey’s detention without trial for a minimum of two months on the grounds that his release poses a flight risk, along with indications that he’s been denied consular access in violation of the 1966 Vienna Convention, doesn’t bode well for professionals such as Aleksander Khurudzhi, who has been tasked by the state with rehabilitating Russia’s image as a secure place to invest.

 

Aliqismet BADALOV,
“Khalq qazeti”

23 2019 13:55 -

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