Baring Vostok's Calvey ensures cooperation amid row over his arrest in Russia

Michael Calvey, the U.S. founder of one of Russia's biggest private equity firms, told a Russian court on Saturday he would cooperate with an investigation into alleged financial misconduct and comply with terms if put under house arrest. Calvey, a senior partner at Baring Vostok, was detained on Thursday along with some other executives after investigators accused him and others of embezzling 2.5 billion roubles ($37.73 million).

Moscow's Basmanny court ordered on Friday that Calvey should be detained for 72 hours, with a new hearing to consider if he should continue to be kept in custody on Saturday.