01:29Moscow’s Basmanny Court ruled to prolong the house arrest of US investor and the founder of Baring Vostok private equity firm Michel Calvey until October 13 on Monday.
Chief of business protection Aleksandr Khuruji said the ruling was expected, but disappointing.
The court refused to grant Calvey a bail of 5 million roubles (USD 79,000). The investor’s defence team plans to lodge an appeal.
Calvey was detained in February this year on "large-scale fraud" charges along with five other employees of Baring Vostok.
Calvey and the other suspects are accused of embezzling 2.5 billion roubles ($37m, €33m) from Vostochny Bank.
Russia: US investor Calvey to remain under house arrest until Oct 13
Moscow’s Basmanny Court ruled to prolong the house arrest of US investor and the founder of Baring Vostok private equity firm Michel Calvey until October 13 on Monday.
Chief of business protection Aleksandr Khuruji said the ruling was expected, but disappointing.
The court refused to grant Calvey a bail of 5 million roubles (USD 79,000). The investor’s defence team plans to lodge an appeal.
Calvey was detained in February this year on "large-scale fraud" charges along with five other employees of Baring Vostok.
Calvey and the other suspects are accused of embezzling 2.5 billion roubles ($37m, €33m) from Vostochny Bank.
Moscow’s Basmanny Court ruled to prolong the house arrest of US investor and the founder of Baring Vostok private equity firm Michel Calvey until October 13 on Monday.
Chief of business protection Aleksandr Khuruji said the ruling was expected, but disappointing.
The court refused to grant Calvey a bail of 5 million roubles (USD 79,000). The investor’s defence team plans to lodge an appeal.
Calvey was detained in February this year on "large-scale fraud" charges along with five other employees of Baring Vostok.
Calvey and the other suspects are accused of embezzling 2.5 billion roubles ($37m, €33m) from Vostochny Bank.