Russia finds U.S. investor Calvey guilty of embezzlement - report

Calvey, the founder of Russia-focused private equity group Baring Vostok, was detained along with other executives in early 2019

  

MOSCOW- A Russian court on Thursday found U.S. investor Michael Calvey guilty of embezzlement, state news agency TASS reported, in a case followed closely by the international business community.

Calvey, the founder of Russia-focused private equity group Baring Vostok, was detained along with other executives in early 2019 on charges of embezzlement linked to mid-sized lender Vostochny. He and the executives deny the charges. 

Calvey last month told a court that an innocent verdict in his case would trigger billions of dollars in foreign investment and help create thousands of new jobs. 

Initially placed in pre-trial detention, Calvey was subsequently put under house arrest instead. The state prosecutor has asked for a six-year suspended sentence, but the court was yet to announce its decision on that.

(Reporting by Polina Ivanova; Writing by Olzhas Auyezov; Editing by Katya Golubkova and Andrew Cawthorne) ((olzhas.auyezov@thomsonreuters.com; +7 727 2508 500; Reuters Messaging: olzhas.auyezov.thomsonreuters.com@reuters.net))


More From Alternative Investments