U.S. investor Calvey pleads guilty to Russian embezzlement charge - Ifax cites court

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. In 2021, he was given a five and a half year suspended sentence.

U.S. investor Michael Calvey pleaded guilty to embezzling 2.5 billion roubles ($27.7 million), Interfax reported on Thursday, citing a court of cassation. 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.

In 2021, he was given a five and a half year suspended sentence. He denied the charges then. Lawyers for Calvey could not be immediately reached for comment. ($1 = 90.3675 roubles) (Writing by Felix Light; editing by Guy Faulconbridge)