Investigators ask crt to release Michael Calvey under house arrest

MOSCOW, Apr 10 (PRIME) -- Russia’s Investigative Committee has asked the Basmanny District Court of Moscow to put U.S. investor Michael Calvey under house arrest instead of holding him in a detention center, the court’s press secretary Yunona Tsaryova told PRIME on Wednesday.

The court will hear the request on Thursday, she said.

On February 16, the court arrested Calvey, the founder of investment company Baring Vostok, over alleged 2.5 billion ruble embezzlement from Orient Express Bank.

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.

Earlier on Wednesday, the court prolonged the arrest of Delpal for three more months.

(64.7766 rubles – U.S. $1)

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