Media Statement


Elena Ivashentseva, Senior Partner at Baring Vostok Capital Partners, took part in a session of the Russian Union of Industrialists and Entrepreneurs’ International Council for Cooperation and Investment. The ad hoc session of the committee was chaired by Alexander Shokhin to discuss the arrest of Michael Calvey and his colleagues. Participants expressed their deep concern at what appears to be an attempt to resolve a commercial dispute using criminal law, and called on Russian authorities to investigate the situation, to assess the legality of the criminal case that has been opened and to amend the detention measures that have been imposed.

“On behalf of Michael Calvey and the whole team at BVCP I would like to express my sincere gratitude for the support of the RUIE and all business associations that are members of the council. We have always acted in full compliance with the law and firmly believe that the courts will uphold this. At the same time, given that this is a commercial dispute, we believe that it is essential to investigate the legality of the criminal investigation that has been launched and to amend the detention measures. We therefore value the support from the business community particularly highly,” Elena Ivashentseva said.

For 25 years the Baring Vostok funds have made a substantial contribution to the sustainable economic development of Russia by investing in advanced Russian companies, many of which have become leaders in their respective industries and have successfully entered international markets. In the last three years alone, the Baring Vostok funds have invested more than USD 900 million in Russian companies and are continuing their activities at the present time.

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