Veteran US investment manager detained in Moscow

Posted at 5:48 AM, Feb 15, 2019
and last updated 2019-02-15 05:48:52-05

MOSCOW (AP) — A veteran U.S. investment fund manager has been detained in Moscow and faces fraud charges.

A Moscow court said on Friday that Michael Calvey, founder and senior partner at Baring Vostok equity firm, was detained alongside two other fund managers.

Calvey, who founded Baring Vostok in 1994, has long worked in Russia and investing heavily in the country's technology sector, including in the web search giant Yandex.

The Basmanny court said Calvey and five other people, including two Baring Vostok managers, face charges of fraud. Further details on the charges were not immediately available.

Baring Vostok says it has over $3.7 billion in committed capital for its investments.