FILE PHOTO: U.S. investor and founder of the Baring Vostok private equity group Michael Calvey, who is under house arrest on suspicion of fraud, attends a court hearing in Moscow, Russia August 15, 2019. REUTERS/Evgenia Novozhenina
August 6, 2021
MOSCOW (Reuters) – A Russian court on Friday handed U.S. investor Michael Calvey a 5.5-year suspended sentence for embezzlement, a day after finding him guilty, Interfax news agency reported, in a case that has rattled Russia’s 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.
(Reporting by Maria Tsvetkova; Editing by Leslie Adler)
Source: One America News Network
