Russia court frees US businessman Calvey after 2 months of jail for fraud

A Russian court on Thursday released U.S. investor Michael Calvey after two months in jail and placed him under house arrest until Saturday, softening his treatment in a fraud case that has rattled investors. It was not immediately clear what would happen after Saturday.

Calvey, the founder of the Baring Vostok private equity group, was detained in February on embezzlement charges that he denies and that he says are being used to put pressure on him in a corporate dispute over control of a Russian bank.