U.S. founder of Baring Vostok denies charges of fraud in Mexico court

Michael Calvey, the U.S. founder of the Baring Vostok private equity group, denied allegations of fraud on Friday and told a Moscow court that accusations against him were the result of a commercial dispute between his fund and Vostochny Bank. The U.S. national said his fund was challenging suspicious transactions made by Vostochny Bank in a London court. Calvey's lawyer told the court the criminal case against his client was being used as a way to pressure him. Vostochny Bank said it was cooperating with the authorities and was hoping that the losses it had incurred as part of the share deal would be reimbursed.