Calvey asks court to release him on promise to stay in Russia

MOSCOW, Apr 12 (PRIME) -- Investment fund Baring Vostok’s founder Michael Calvey, detained earlier over an alleged 2.5 billion ruble embezzlement in Orient Express Bank asked the Moscow court on Friday to release him under a written promise not to leave Russia.

The Basmanny District Court of Moscow on Thursday released Calvey from custody and put him under house arrest for three days.

Preliminary investigation into the embezzlement case was prolonged until August 13.

Investigators believe that Calvey, his partner Phillippe Delpal, and several other unidentified managers convinced shareholders of Orient Express Bank to vote for a compensation agreement to receive a 59.9% in International Financial Technology Group instead of money. The shares were valued at 3 billion rubles under the deal, while their real value amounted to 600,000 rubles.

(64.3991 rubles – U.S. $1)

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