January 19, 2022


World News

Supreme Court lifts house arrest of US investor Michael Calvey

Baring Vostok founder Michael Calvey has been released from house arrest, as Russia’s Supreme Court ruled on Thursday. Russia’s Supreme Court replaced Calvey’s, and other defendants in a 2.5-billion-rouble (around $32 million/€27 million) embezzlement case, house arrest to a restraining order with curfew. In particular, they were banned from the premises of the Vostochny Bank and the First Collection Bureau, leaving the house at night, and ordered to come to court on time. Moreover, they can’t communicate with other defendants out of court hearings, receive and send postal messages, or use telecommunications, except for emergency calls. “This is a very positive step, but this is not the end of history. We are looking forward to the beginning of the trial on the merits, where we will prove our innocence,” Calvey stated. The new preventive measures will be in force until January 12, 2021. The American financier was detained in February 2019 on ‘large-scale fraud’ charges along with five other employees of Baring Vostok. He was put under house arrest in April 2019 after spending two months in jail. Calvey and his associates are accused of embezzling 2.5 billion roubles ($32 million/€27 million) from the Vostochny Bank. If convicted, the US investor could face up to 10 years behind bars. (ruptly.tv)

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