Reuters
Published Aug 05, 2021 08:27AM ET
Updated Aug 05, 2021 02:25PM ET
MOSCOW (Reuters) -A Russian court on Thursday found U.S. investor Michael Calvey guilty of embezzlement, his representatives said, in a case followed closely by the international business community.
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. He and the executives deny the charges.
Calvey's press team said the judge would continue to read the verdict on Friday. "This is not the end. I hope that tomorrow the judge will voice the real facts," he was quoted as saying by his team on social media.
"Hope is the last thing to die."
Calvey last month told a court that an innocent verdict in his case would trigger billions of dollars in foreign investment and help create thousands of new jobs.
Initially placed in pre-trial detention, Calvey was subsequently put under house arrest instead. The state prosecutor has asked for a six-year suspended sentence.
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.