Russian Direct Investment Fund, Baring Vostok Mull Joint Project - RDIF CEO

Sputnik, 05.06.2019

ST.PETERSBURG (Sputnik) - The Russian Direct Investment Fund (RDIF) intends to announce a joint project with investment fund Baring Vostok at the upcoming St. Petersburg International Economic Forum (SPIEF), RDIF CEO Kirill Dmitriev said.

"At SPIEF, we will announce ten agreements in various sectors, [including concerning our] participation in the project to build infrastructure for the Northern Sea Route, investment in the space industry and the leading railroad operator, a number of agricultural projects, as well as a joint project with fund Baring Vostok", Dmitriev said.

Earlier, Dmitriev said that the fund was planning with Baring Vostok a joint investment in the technology sector.

Investment fund Baring Vostok said in May that its founder Michael Calvey, who is currently under house arrest on suspicion of embezzling 2.5 billion rubles ($38.4 million) from Vostochny Bank, still hoped to take part in SPIEF and would file a relevant request with investigators. The fund maintains that Calvey and its other arrested employees are innocent, while the whole case is a purely corporate conflict. On 11 April, a Moscow court ruled to release Calvey and place him under house arrest.

Kremlin spokesman Dmitry Peskov has said in an interview for RT that Russian President Vladimir Putin is personally overlooking the case of Baring Vostok investment fund founder.

"He is receiving information on that, receiving reports because it's quite a loud case and he understands that it provokes lots of questions among some foreign investors. But law is law - you have to obey", Peskov said.

While the Kremlin hopes that Calvey will be allowed to participate in SPIEF, it does not feel that it would be proper to somehow assess his case, the spokesman stressed.

"As for Michael Calvey's case, that's a very unfortunate case, we are very sorry about that. Of course, we would like to see Michael among the participants of the forum because he's been an quite active player in the Russian market [...] We all know him as a very trustworthy businessman who is devoted to the Russian market [...] He actually asked for permission to participate in this forum" Peskov said.

"Of course, we would prefer to see him among the participants. But I don't think that we're somehow entitled to give any definition to the case of Michael Calvey. We don't know the nature of the case", Peskov added.

This year SPIEF will be held on 6-8 June. On the first day of the forum, Russian President Vladimir Putin will meet with members of the RDIF International Expert Council and the international investment community. The meeting will bring together investors from all continents with a total capital of over $15 trillion, which is a record figure.

"The meeting will be devoted to their planned investments in Russia's national projects. They will also share their experience of investing in the national transformation of their countries", RDIF CEO specified.