A court in Moscow has reportedly ordered for Baring Vostok Capital Partners founder Michael Calvey to remain under house arrest following charges of embezzlement.
Calvey was placed under house arrest in April and had hoped to secure his release this week, but learned from Moscow City Court he will remain in detention, according to a Reuters report.
French national and BVCP executive Phillipe Delpal was also released from custody and placed under house arrest this week.
Both men were arrested earlier this year alongside three other BVCP employees in relation to a legal case involving Vostochny Express Bank.
The case involves the alleged embezzlement of more than RUB2.5bn ($37.5m), according to an Interfax report. BVCP is the majority shareholder of the bank, while Calvey serves as chairman of the board.
The case opened in February after Vostochny minority shareholders, Sherzod Yusupov and Artem Avetisyan filed a complaint, Bloomberg reported at the time.
Other BVCP staff including Vagan Abgaryan, Ivan Zuzin and Maxim Vladimirov remain in jail, the firm said in an official statement.
“Keeping them detained based on a made-up criminal case is nothing other than a calculated attempt by Messrs Avetisyan and Yusupov to put pressure on Baring Vostok employees as part of an ongoing commercial dispute.
“We are confident that our colleagues will be found innocent and we will continue to fight in the courts until this is done.”
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