The court reduced the suspended sentences of Calvey and other defendants in the Baring Vostok case

The Moscow City Court reduced the suspended sentences for the founder of the Baring Vostok investment fund, Michael Calvey, and other defendants in the embezzlement case, a Vedomosti correspondent reports.

As stated in the announced ruling of the appellate court, the suspended sentence for US citizen Michael Calvey was reduced by a year – from 5.5 years of suspended sentence to 4.5 years. The operating partner of the fund, French citizen Philippe Delpal, was reduced from 4.5 years of probation to 3.5 years of probation. The court also reduced the suspended sentences for the remaining five defendants in the criminal case on embezzlement of 2.5 billion rubles. Bank Vostochny.

The criminal case against Calvey and six of his colleagues from the Baring Vostok fund and Vostochny bank was initiated in February 2019. Initially, the investigation qualified the case as fraud (Article 159 of the Criminal Code of the Russian Federation), but then changed the imputed article to embezzlement (Article 160 of the Criminal Code RF).

According to law enforcement agencies, Calvey, as part of a criminal group, squandered 2.5 billion rubles. “Vostochny” – this is how the investigation regarded the acceptance by the bank of shares of the Luxembourg company IFTG as a compensation on a loan of 2.5 billion rubles. The borrower was the First Collection Bureau, also owned by Baring Vostok.

In November 2020, the Supreme Court released Calvey from house arrest, where he had been held since April 2019. In August 2021, Calvey received a five-year and six-month suspended sentence in an embezzlement case, and other defendants were also given suspended sentences. Calvey and Delpal left Russia soon after.