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  • Russia's Supreme Court on Thursday ruled to release from house arrest US financier Michael Calvey and French banker Philippe Delpal, who are facing embezzlement charges in Russia. 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 10 pm and 6 am or to contact witnesses and other defendants in the case. The new measures will be in place until January next year. The court also partially lifted property freezes against Calvey and his co-defendants, including the apartment owned by Delpal's wife. "There is no basis to suggest that the property was purchased as a result of criminal activity," the judge said. Baring Vostok in a statement welcomed the "long-awaited" decision of the court, saying that it hoped the criminal case will soon be dropped. "We continue to be confident in the innocence of our colleagues, and will continue to fight for justice," the statement added. Calvey told the Interfax news agency that he is "happy that he is freed" and plans to return to work. He told journalists that this is a "positive step but not a final victory". In October, Baring Vostok reached a settlement with Vostochny Bank, ending a civil dispute between the two former partners. Although Vostochny Bank said it will be dropping all its claims, Baring Vostok executives are still facing criminal charges from Russian prosecutors. All but one of the suspects in the case have denied their guilt, saying the case was fabricated in an attempt by minority shareholders to gain full control of the bank. The case against Calvey, who has worked in Russia for over two decades, and his associates shocked the business community and led to an outflow of foreign capital in the country. The head of Russian Direct Investment Fund (RDIF), which attracts foreign investments into Russian companies, said Calvey's release is an "important signal". "All international partners of RDIF have positively received the news which will reflect on their readiness for new investments into the Russian economy," Kirill Dmitriyev said Thursday. He added that RDIF will continue its joint ventures with Calvey's private equity firm. Baring Vostok has invested in some of the biggest companies in the country including tech giant Yandex and Ozon, a top online retailer. Russia's business ombudsman Boris Titov said a lot will depend on the final ruling of the court and today's decision does not "fully restore the situation". The case against Baring Vostok has drawn international attention including that of French President Emmanuel Macron. The Kremlin had previously said that it was "carefully monitoring" the developments in the case. acl/rl
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  • US, French investors freed from house arrest in Russia
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