Russian court frees U.S. investor Calvey from jail

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MOSCOW (Reuters) - A Russian court released U.S. investor Michael Calvey on Thursday after two months in jail and placed him under house arrest, softening his treatment in a fraud case that has rattled the business community.

Calvey, founder of the Baring Vostok private equity group, was detained in February pending a trial on embezzlement charges that he denies and that he says are being used to pressure him in a corporate dispute over control of a Russian bank.

“Despite this corporate conflict that has led to criminal prosecution, I would like to underline what I have always said: I continue to believe in Russia’s investment potential,” Calvey said from a glass cage.

Dressed casually in jeans, the Wisconsin-born 51-year-old spoke to a packed courtroom in fluent, slightly accented Russian. He insisted that he posed no flight risk as it was a question of “honour” for him to restore a business reputation he made over almost 30 years working in Russia.

The court ruled to place him under house arrest until Saturday and investigators have called for the court at a hearing on Friday to extend the house arrest order until July 14.

Read More....https://www.reuters.com/article/us-russia-business-detention/russian-court-frees-u-s-investor-calvey-from-jail-idUSKCN1RN1QQ
 
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