US investor Michael Calvey found guilty of embezzlement by Russian court

J

JSOP

https://www.ft.com/content/b8e222d0-e022-4c1b-bdbb-6fa9af63a182

"After reading out her judgment for more than six hours, the judge said she would announce sentences on Friday. "

Boy this woman could talk!! She would've made a helluva filibuster.

Should've gotten out when he's made enough money instead of staying for too long when they don't need you or your money anymore.

This should be a lesson for anybody who wants to or already does business in countries where there is no separation of politics from the judiciary. You only stay there long enough to make your money and be able to keep the politicians in power there happy. Once either of it is satisfied or changed, you get out of there pronto. You do not dillydally until they've noticed you, then you are stuck like this Michael guy.

At least they were nice enough (or got paid enough) to reduce the charges to house arrest so he can stay in the comfort of his home instead of in a Russian jail.
 
JSOP said:
https://www.ft.com/content/b8e222d0-e022-4c1b-bdbb-6fa9af63a182

"After reading out her judgment for more than six hours, the judge said she would announce sentences on Friday. "

Boy this woman could talk!! She would've made a helluva filibuster.

Should've gotten out when he's made enough money instead of staying for too long when they don't need you or your money anymore.

This should be a lesson for anybody who wants to or already does business in countries where there is no separation of politics from the judiciary. You only stay there long enough to make your money and be able to keep the politicians in power there happy. Once either of it is satisfied or changed, you get out of there pronto. You do not dillydally until they've noticed you, then you are stuck like this Michael guy.

At least they were nice enough (or got paid enough) to reduce the charges to house arrest so he can stay in the comfort of his home instead of in a Russian jail.
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If I were him I would have pulled a Ghosn on them...
 
VicBee said:
If I were him I would have pulled a Ghosn on them...
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Yeah but this is Russia not Japan. Plus he's got all of his money there. If he escapes, all of his money left behind would be frozen so he would've lost everything. And they didn't just convict him; they convicted all six of his business associates basically holding them and his money hostage if he ever wants to pull a Ghosn on them.

Bottom line: Business is built on good faith and with its dealings protected by rules of law. You don't do business in a country where the law cannot be impartially decided. I hope everybody has learned this lesson being demonstrated here.
 
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Fain said:
You guys are implying that the guy is innocent and that Russia arbitrarily did it. Could he be guilty?
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You know what he did right? He took out a loan from his own bank and replaced it with shares of equivalent value. Last time I checked, taking out money from your own piggy bank is far from illegal. He's only in trouble because the other guy who's got more political muscle (who's probably got ties to Putin) forcefully claimed ownership of his company saying the company is his and accused him of embezzlement of funds. LOL They have basically commandeered his company as their own very much like what the squatters do and now are accusing the rightful owners of theft when the rightful owners want to take back their own stuff.

It's his fault though. Should've never set his foot in Russia with so much money in the first place and should've gotten out of there as soon as he's made money. Think about it. Russians themselves are all escaping from there and it's their own country. And he's going in??
 
Fitting conclusion to the saga. Headline is guilty but result is no jail time and accounts unfrozen. Some would consider it a win.
 
JSOP said:
You know what he did right? He took out a loan from his own bank and replaced it with shares of equivalent value. Last time I checked, taking out money from your own piggy bank is far from illegal. He's only in trouble because the other guy who's got more political muscle (who's probably got ties to Putin) forcefully claimed ownership of his company saying the company is his and accused him of embezzlement of funds. LOL They have basically commandeered his company as their own very much like what the squatters do and now are accusing the rightful owners of theft when the rightful owners want to take back their own stuff.

It's his fault though. Should've never set his foot in Russia with so much money in the first place and should've gotten out of there as soon as he's made money. Think about it. Russians themselves are all escaping from there and it's their own country. And he's going in??
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In the Ukraine you set up a bank, invite deposits and lend the money to yourself or your associates, declare bankruptcy. The depositors are covered by government insurance. $25 billion dollars has been transferred out of the country.
 
lpope said:
Fitting conclusion to the saga. Headline is guilty but result is no jail time and accounts unfrozen. Some would consider it a win.
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Yeah more like a protection rackett. During his trial, he made a statement that if he is found innocent it will attract billions of dollars of new foreign investment and help create thousands of new jobs. https://www.reuters.com/business/ru...calvey-55-year-suspended-sentence-2021-08-06/

So since he's still found guilty, that means Russia doesn't give a **** about foreign investment anymore. He's fed the bear too well. But since he's got money in Russia, so they let him live.
 
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