The Moscow City Court extended house arrest for US investor Michael Calvey, a founder of Baring Vostok fund, until November 13, a Sputnik correspondent reported Wednesday from the courthouse
MOSCOW (Pakistan Point News / Sputnik - 05th August, 2020) The Moscow City Court extended house arrest for US investor Michael Calvey, a founder of Baring Vostok fund, until November 13, a Sputnik correspondent reported Wednesday from the courthouse.
The judge ruled to maintain all restrictions imposed on the investor and declined the defense's request to allow Calvey daily walks. Defense lawyers argued that a possibility to go outside for a walk would be important to Calvey, who is suffering from cancer.
Investigators believe that Calvey and his business partners convinced shareholders of Vostochny bank to vote for an agreement, under which the bank would receive 59,9 percent of shares of the International Financial Technology Group in place of a debt repayment. The shares were estimated at 3 billion rubles ($41 million) while their real value was around 600,000 rubles, the investigators said.
According to defense lawyers, the shares in question were worth 3.8 billion rubles. None of the defendants have pleaded guilty.
