Baring Vostok founder leaves Russia

Michael Calvey, American investor and founder of the Baring Vostok fund, which controls a 28.8% share in Kaspi.kz, has left Russia along with his business partner Philippe Delpal, according to Russian media reports.

«Calvey and Delpal have gone to the U.S. and France, respectively, immediately after legal restrictions imposed on them by Russian authorities were repealed,» the Interfax news agency reported, citing a lawyer.

In August 2021, the Meshchansky district court of the city of Moscow placed Calvey and his business partners on a five-year probation. Before that, they all received conditional sentences for their alleged involvement in the embezzlement of $32.6 million belonging to Vostochny Bank.

Russian authorities accused Calvey and his partners of the arrangement of two illegal loans by the bank to the First Collection Bureau, which Calvey also controlled.

Michael Calvey was detained in February 2019 in Moscow. At the time, Kaspi Bank said that the arrest of the Baring Vostok founder would not affect its work. Mikhail Lomtadze, head of Kaspi stated that he and Calvey have been friends for years, and Calvey always was a good person and a real professional. He also said that he has no doubt the situation would be solved within the legal framework.

Baring Vostok is a private investment company focusing on Russia and the CIS. Baring Vostok Private Equity invests in different economic sectors including oil and gas, consumer goods, media, telecommunications and financial services. As of January 1, 2023, Baring Vostok owned 28.80% shares of Kaspi.kz.