Michael Calvey Convicted in $34.1 mn Embezzlement Case

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A TASS journalist in the courtroom stated that Michael Calvey, the founder of the Baring Vostok private equity business, and the other defendants were tried and convicted in a case involving the embezzlement of 2.5 billion rubles ($34.1 million).

In the final section of the verdict, the judge will name the offenders’ sentence, TASS reports.

Calvey, along with French citizen Philippe Delpalle and five other defendants in the case, operated as part of an organized gang and conducted the larceny, according to a predetermined plan, according to the court.

After a complaint was filed with Russia’s Federal Security Service by Serzod Yusupov, a minority stakeholder in Vostochny Bank, Russia’s Investigative Committee opened a criminal inquiry into the theft of 2.5 billion rubles ($34.1 million) (FSB). The main defendant in the case is Michael Calvey.