Business

Russia finds U.S. investor Calvey guilty of embezzlement

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Michael Calvey, senior partner at the Baring Vostok private equity group, attends a session of the St. Petersburg International Economic Forum (SPIEF), Russia May 24, 2018. Picture taken May 24, 2018. Pyotr Kovalev/TASS/Host Photo Agency/Pool via REUTERS

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MOSCOW, Aug 5 (Reuters) - A Russian court on Thursday found U.S. investor Michael Calvey guilty of embezzlement, his representatives said, in a case followed closely by the international business community.

Calvey, the founder of Russia-focused private equity group Baring Vostok, was detained along with other executives in early 2019 on charges of embezzlement linked to mid-sized lender Vostochny. He and the executives deny the charges.

Calvey's press team said the judge would continue to read the verdict on Friday. "This is not the end. I hope that tomorrow the judge will voice the real facts," he was quoted as saying by his team on social media.

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"Hope is the last thing to die."

Calvey last month told a court that an innocent verdict in his case would trigger billions of dollars in foreign investment and help create thousands of new jobs. read more

Initially placed in pre-trial detention, Calvey was subsequently put under house arrest instead. The state prosecutor has asked for a six-year suspended sentence.

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Reporting by Polina Ivanova; Writing by Olzhas Auyezov; Editing by Katya Golubkova and Andrew Cawthorne

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