Putin is asked to take 'personal control' of legal case against jailed US investor

Key Points
  • Baring Vostok co-founder Michael Calvey is, along with 5 others, detained in Moscow.
  • Calvey and others are suspected of embezzlement.
  • Baring Vostok appeal to President Vladimir Putin to intervene in the case.
Michael Calvey, co-managing partner of Baring Vostok Capital Partners, gestures during an interview at the company's headquarters in Moscow, Russia, on Tuesday, April 4, 2011.
Bloomberg | Bloomberg | Getty Images

A Moscow-based private equity group has written an open letter to Russian President Vladimir Putin, urging him to intervene in the arrest of a U.S. citizen.

On February 15, the co-founder of Baring Vostok Michael Calvey, was detained along with five others in relation to the alleged theft of 2.5 billion Russian rubles ($38.3 million).

Now Baring has publicly beseeched Putin to "take personal control of the criminal case" against all six men who remain imprisoned, awaiting trial.

Addressing "Dear Vladimir Vladimirovich," the letter said Putin's involvement was needed "to ensure a comprehensive, independent and objective investigation of this criminal case."

The online letter further explained that the arrests follow a dispute between Baring Vostok funds and Russian businessmen who are shareholders of Vostochny Bank.

Under the letter on the Baring Vostok website, there is an option for people to co-sign the appeal addressed to the Russian leader.

Who is Baring Vostok?

According to the company's own website, Baring Vostock has deployed around $3.7 billion of capital in Russia and former Soviet nations since 1994.

Investors are drawn primarily from pension and sovereign wealth funds from around the world.

The firm's funds have investments in 80 projects, focusing on oil and gas, consumer products, media and technology, telecommunications and financial services.

Michael Calvey is described as the founder and senior partner of the firm. His biography states that before Baring Vostok he lived in London and New York where he worked for the European Bank for Reconstruction and Development (EBRD) as well as Salomon Brothers, where he worked on mergers and acquisitions in the oil and gas industry.