Court softens suspended sentence of US investor Calvey

MOSCOW, Jun 9 (PRIME) -- The Moscow City Court has softened a suspended sentence of U.S. investor Michael Calvey in a 2.5 billion ruble embezzlement case to 4.5 years from 5.5 years, according to the information obtained by PRIME on Friday.

The court also reduced the suspended sentence of Calvey’s co-defendant Philippe Delpal to 3.5 years, as well as sentences of the other defendants.

In August 2021, the Meshchansky District Court of Moscow slapped a 5.5-year suspended sentence on Calvey and a 4-year suspended sentence on Delpal for embezzlement. Calvey and Delpal left Russia before their sentences came into force.

In February 2019, the Basmanny District Court of Moscow arrested Calvey and five other defendants over embezzlement from Orient Express Bank. In April, Calvey was released under home arrest.

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

(82.0930 rubles – U.S. $1)

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