February 10, 2020 / 2:54 PM / 6 months ago

Russia extends house arrest of U.S. investor Calvey until May 13

FILE PHOTO: U.S. investor and founder of the Baring Vostok private equity group Michael Calvey, who is under house arrest on suspicion of fraud, attends a court hearing in Moscow, Russia February 10, 2020. REUTERS/Evgenia Novozhenina

MOSCOW (Reuters) - A Moscow court decided on Monday to extend until May 13 the house arrest of U.S. investor Michael Calvey, an executive at private equity group Baring Vostok who faces charges of embezzlement, an official at the firm said.

Calvey and other executives at the group were detained in February 2019. They have denied wrongdoing and said the charges against them are being used to pressure them in a business dispute over control of Vostochny Bank.

The case against Baring Vostok has rattled Russia’s business community and prompted several prominent officials and businessmen to voice concerns about the treatment of the executives.

The court also ruled on Monday to lift a freeze on 2.5 billion roubles ($39 million) worth of shares in Vostochny Bank that were frozen as part of the case, the Baring Vostok representative said.

The shares are held by Evison Holdings, a subsidiary of Baring Vostok, the representative said.

Calvey’s French colleague Phillipe Delpal also saw his house arrest extended until May 13 on Monday.

Reporting by Polina Ivanova; Editing by Susan Fenton and Mark Potter

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