Baring Vostok’s Calvey tells Russian court he will cooperate with investigation

Business

Founder of the Baring Vostok private equity group Michael Calvey, who was detained on suspicion of fraud, looks out of a defendants’ cage during a court hearing in Moscow, Russia February 15, 2019. REUTERS/Tatyana Makeyeva

MOSCOW (Reuters) – Michael Calvey, the U.S. founder of one of Russia’s biggest private equity firms, told a Russian court on Saturday he would cooperate with an investigation into alleged financial misconduct and comply with terms if put under house arrest.

Calvey, a senior partner at Baring Vostok, was detained on Thursday along with some other executives after investigators accused him and others of embezzling 2.5 billion roubles ($37.73 million).

Moscow’s Basmanny court ordered on Friday that Calvey should be detained for 72 hours, with a new hearing to consider if he should continue to be kept in custody on Saturday.

Reporting by Maxim Rodionov; Writing by Katya Golubkova; Editing by Mark Potter

Products You May Like

Articles You May Like

MLB roundup: 7 Rays pitchers shut out Marlins 1-0
Canada vows ‘full steam ahead’ on ratifying trade pact after U.S. lifts metals tariffs
Trump proposes new U.S. immigration plan favoring skills over family ties
Trump to propose plan to make U.S. immigration more merit-based
Woodstock 50 festival announces new funding to get show back on

Leave a Reply

Your email address will not be published. Required fields are marked *