U.S. citizen Michael Calvey, the founder of major private equity fund Baring Vostok in Russia, was detained on Feb. 14 on suspicion of defrauding Vostochny bank shareholders. On Saturday, a Moscow court placed him under arrest on fraud charges until April 13.
The arrest has sparked an outcry among Western businessmen, political officials and members of Russia’s liberal elite. Russia’s ex-Finance Minister Alexei Kudrin criticized the arrest, tweeting “this particular situation [is] an emergency for the economy” on Monday. Meanwhile, the Kremlin said the arrest shouldn’t hurt the confidence of foreign investors.
In a case that is quickly developing, we’ll be updating this article as more information becomes available.