US investor Michael Calvey leaves Russia with suspended sentence

MOSCOW, Mar 24 (PRIME) -- U.S. investor Michael Calvey, who received a suspended sentence for embezzlement of 2.5 billion rubles, left Russia before the sentence came into force, a source told PRIME on Friday.

“Calvey and (second convicted Frenchman Philippe) Delpal left Russia immediately after the preventive measure was lifted. Now they are in their countries,” the source said.

Calvey plans to return to Russia to consider his appeal against the sentence, his lawyer Timofei Gridnev said.

Delpal’s lawyer also said that the convicted would come if he received a visa.

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

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 of 2.5 billion rubles.

(76.3072 rubles – U.S. $1)

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