MOSCOW, Aug 5 (PRIME) -- The Meshchansky Distract Court of Moscow has started to pass a guilty verdict to U.S. investor Michael Calvey under a 2.5 billion ruble embezzlement case, according to the information obtained by PRIME at court on Thursday.
“The court determined that Calvey, (his business partner Philippe) Delpal … conducted embezzlement,” Judge Anna Sokova said during pronouncement of a verdict.
The prosecutors want suspended sentences for all the defendants, while the defense wants them absolved of all charges.
In February 2019, the Basmanny District Court of Moscow arrested Calvey and five other defendants over an alleged 2.5 billion ruble embezzlement from Orient Express Bank. In April of the year, Calvey was released under home arrest.
Investigators believe 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.
In December, the case was requalified as embezzlement from fraud. None of the accused pled guilty, including former CEO of Orient Express Bank Kordichev who earlier pled guilty of fraud and bore testimony against the other accused. On August 5, the Moscow City Court left Calvey under house arrest at least until November, and the First Court of Appeal later upheld the decision.
(72.7857 rubles – U.S. $1)
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