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U.S. investor Calvey’s Russian conviction wiped as probation expires
By Jerry
LONDON, May 20 (Reuters) – Russia’s prisons service has removed U.S. investor Michael Calvey from its register after the probation period on his sentence expired, a document seen by Reuters showed, clearing his criminal record following a years-long embezzlement case.
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 a 2.5-billion-rouble ($27.63 million) case.
His treatment had been closely followed by foreign investors in Russia – although with the advent of the war in Ukraine, the investment climate has entirely changed.
In 2021, Calvey, who denied all charges, was given a 5-1/2-year suspended sentence, commuted to 4-1/2 years in 2023. In February, a Russian cassation court reduced the sentence by another two months and Calvey’s probation period to two years and eight months.
Source: REUTER
