Russian court rules to keep Calvey, Delpal under house arrest

MOSCOW, Oct 29 (PRIME) -- The Moscow City Court ruled to keep Baring Vostok fund founder Michael Calvey and fund executive Phillippe Delpal under house arrest on Tuesday, turning down all appeals against the measure.

The court allowed Delpal to move from an apartment bought specially for house arrest to a rented one where his family lives.

In February, the Basmanny District Court of Moscow arrested Calvey and five other defendants for two months over an alleged 2.5 billion ruble embezzlement from Orient Express Bank. In April, Calvey was released under house arrest.

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

(63.8700 rubles – U.S. $1)

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