December 4, 2021, 16:56

US Investor Calvey Receives 5 Years 6 Months of Suspended Sentence

US Investor Calvey Receives 5 Years 6 Months of Suspended Sentence

A Moscow court has given American investor Michael Calvey a suspended sentence of five-and-a-half years in prison after being found guilty on embezzlement charges.

Calvey, who founded private equity group Baring Vostok, was arrested in 2019 alongside other executives on charges of embezzling  2.5 billion rubles (nearly $34 million) from Russia’s Vostochny Bank.

“The court found [the defendants] committed embezzlement, that is, theft of property entrusted to the accused, using their official position, on an especially large scale,” Judge Anna Sokova told of Meshchansky District Court in Moscow announced on Thursday.

In addition to Calvey, French banker Philippe Delpal, a partner in the firm, was given a suspended sentence of four years and six months.

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Sourse: sputniknews.com

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