(Bloomberg) For most of the past three decades, American private equity investor Michael Calvey has made billions for his funds by knowing how to play by the rules — both written and unwritten — in Russia. Now he’s sitting in a Moscow jail facing fraud charges over a deal that went bad. His Baring Vostok funds lists “constructive relations” with the authorities as no. 7 of its 10 rules for successfully investing in Russia. It hired a nationally known former Soviet cosmonaut to help defuse any tensions that arose.
Investors Wonder Who Is Safe in Russia After Fund Manager Arrest
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