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  • Russia's Supreme Court Thursday ruled to release from house arrest US financier Michael Calvey and French banker Philippe Delpal, who have been held in Russia on embezzlement charges since early 2019. Calvey, the 53-year-old founder of the Russia-based investment fund Baring Vostok, was arrested along with several of his associates in February 2019 and accused of defrauding Vostochny Bank of 2.5 billion rubles ($32.5 million). The court told AFP that it had changed the pre-trial measure for Calvey, Delpal and their Russian colleagues "from house arrest to a restriction on certain actions". They will not be allowed to leave their homes between 22:00 and 6:00 or to contact witnesses and other defendants in the case. Baring Vostok in a statement welcomed the "long-awaited" decision of the court, saying that it hoped the criminal case will soon be dropped. In October, Baring Vostok reached a settlement with Vostochny Bank, ending a civil dispute between the two former partners. The Baring Vostok executives are still facing criminal charges from Russian prosecutors. Calvey told the Interfax news agency that he is "happy that he is freed" and plans to return to work. The case against Calvey, who has worked in Russia for over two decades, and his associates shocked the business community. Baring Vostok has invested in some of the biggest companies in the country including tech giant Yandex and Ozon, a top online retailer. acl/emg/pvh
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  • US, French investors freed from house arrest in Russia
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