US businessman Michael Calvey to remain in house arrest until July 14

A court in Russia ruled on Friday to extend to July 14 the house arrest of U.S. investor Michael Calvey. Calvey, a founder of the Baring Vostok private equity group, was released on Thursday after two months in jail in a fraud case that has rattled the business community.

Calvey was detained in February pending a trial on embezzlement charges that he denies and that he says are being used to pressure him in a corporate dispute over control of a Russian bank.