US investor Michael Calvey appeals vs suspended sentence

MOSCOW, Aug 19 (PRIME) -- The defense of U.S. investor Michael Calvey has filed an appeal against a suspended sentence under the case of a 2.5 billion ruble embezzlement, a court representative told PRIME on Thursday.

“The court has received the appeal complaint of Calvey’s defense,” the representative said.

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 Philippe 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.

Earlier in August, the Meshchansky District Court of Moscow slapped suspended sentences on all defendants, including a 5.5-year suspended sentence on Calvey and a 4-year suspended sentence on Delpal. On August 11, the court received the first appeal under the Baring Vostok case from Alexander Tsarkunov, and Delpal said that he would contest the court’s decision later.

(73.4633 rubles – U.S. $1)

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