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| American investor Calvey released from Russian jail & placed under house arrest | American investor Calvey released from Russian jail & placed under house arrest |
| (32 minutes later) | |
| US investor Michael Calvey, accused of embezzlement in Russia, has been released from custody and placed under house arrest, Moscow’s Basmanny Court ruled on Thursday. | US investor Michael Calvey, accused of embezzlement in Russia, has been released from custody and placed under house arrest, Moscow’s Basmanny Court ruled on Thursday. |
| The fraud investigation of the Baring Vostok founder has also been extended until August 13. The businessman, who is accused of embezzling $37.5 million, was released from custody in the courtroom. | The fraud investigation of the Baring Vostok founder has also been extended until August 13. The businessman, who is accused of embezzling $37.5 million, was released from custody in the courtroom. |
| The court’s decision was based on Calvey’s solid reputation in Russia as well as his investment projects and charitable activities. | The court’s decision was based on Calvey’s solid reputation in Russia as well as his investment projects and charitable activities. |
| “The investigation established that Calvey has stable social connections in Moscow, a lot of people vouched for him, he has a permanent job, develops investment projects in Russia, provides charitable assistance, including to sick children,” said investigator Lyudmila Samoylenko. | |
| She added that the investigation took into account the fact that the businessman has real estate in Russia and three children that depend on him. | |
| “I am ready to assure the court that I will comply with all the conditions of house arrest. I do not ask the court to believe in my innocence and innocence of my colleagues, but I ask the court to believe in my readiness to prove it,” Calvey said in court. | |
| “For me, the question of my innocence is a question of my honor, my reputation, which I have been creating all my life. For me, fleeing Russia in connection with a criminal case is tantamount to admitting guilt, tantamount to self-destruction. (...) My whole life is in Russia and everything that I have done over the past almost 30 years is proof of that,” he added. | |
| According to Calvey, the criminal case is linked to a business conflict and a “desperate attempt by partners-opponents of Baring Vostok, who chose a strange way of protecting their interests,” to escape responsibility for the withdrawal of Uniastrium Bank’s assets and to avoid an additional issue with Vostochny Bank’s shares. | |
| READ MORE: Arrested US investor faces 10 years in Russian prison for major fraud | |
| The American businessman was arrested in February, along with three other executives from his fund, accused of embezzling 2.5 billion rubles ($37 million) from Vostochny Bank via a fraudulent scheme. | |
| According to investigators, Calvey and his associates persuaded the bank’s board to accept shares in a company instead of paying off a debt. While the shares were said to be worth over 3 billion rubles ($45 million), their actual value was 600,000 rubles ($9,000). | |
| If found guilty, Calvey could receive up to 10 years in prison along with a fine of up to one million rubles ($15,000). | |
| For more stories on economy & finance visit RT's business section |