Fri. Apr 10th, 2020

Russian court rejects appeal against house arrest of US investor

The Moscow Court of Appeals rejected on Tuesday an appeal against the house arrest of the American investor Michael Calvey, founder of the Baring Vostok fund, who was arrested on February 15, 2019 on charges of a large-scale fraud.

The court, in the same opinion, also left French citizen Philippe Delpal, Calvey’s partner, who is facing charges for the same crime, under house arrest, the Interfax agency reported.

Under Russian law, the crime that Calvey is accused of, who has pleaded not guilty, can be punishable by up to ten years in prison.

Calvey, his partner and five others are accused of appropriating more than 2.5 billion rubles (about $ 40 million at the exchange rate at the time of the alleged crime) belonging to the Russian bank Vostochni.

The US investor has denounced that the judicial persecution against him is due to a corporate conflict with shareholders of that bank.

Calvey was not present at the hearing because, as his attorney, Timoféi Grídnev explained, he underwent surgery on his leg last Friday.

The Kremlin has expressed confidence that this court case will not influence the investment climate in the country given the concerns expressed by various foreign businessmen and associations.


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