Russian court hands suspended sentence to US investor

Business
Michael Calvey

Founder of the Baring Vostok investment fund Michael Calvey speaks to journalists as he leaves a court room after a hearing in Moscow, Russia, Thursday, Aug. 5, 2021. Calvey was accused of embezzlement from the Russian bank Vostochny, in which his investment firm Baring Vostok has a controlling stake, charges he denied. (AP Photo/Alexander Zemlianichenko)

MOSCOW (AP) — A court in Moscow convicted a prominent U.S. investor on charges of embezzlement and handed him a suspended sentence on Friday.

Calvey was accused of embezzlement from the Russian bank Vostochny, in which his investment firm Baring Vostok has a controlling stake. He denied any wrongdoing.

The Meshchansky District Court in Moscow gave Calvey a 5 1/2-year suspended sentence. Prosecutors have asked for a six-year suspended sentence.

Calvey spent about two months in jail after his arrest in February 2019 before being placed under house arrest and then released last fall.

Calvey’s company is one of the largest foreign investment firms in Russia and his arrest dented investors’ confidence in Russia.

Calvey said during the trial that his acquittal would help draw new foreign investors to Russia.

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