US Investor Charged in Moscow Released to House Arrest

Michael Calvey, center, leaves a courtroom in Moscow, Russia, on Thursday after he was released from jail. The founder of the Baring Vostok investment fund faces charges of embezzlement and has been placed under house arrest. (AP Photo/Pavel Golovkin)

MOSCOW (AP) — A Russian court has released from jail a U.S. investor who faces charges of embezzlement and has placed him under house arrest.

Michael Calvey had been behind bars since February on charges of embezzlement from a Russian bank in which his investment firm Baring Vostok has a controlling stake.

Baring Vostok has said the case results from a dispute between bank shareholders. Calvey denies wrongdoing.

Thursday’s decision came a day after Russia’s Investigative Committee asked to change his detention terms. The application cited his charitable work, investments in Russia and a large number of people supporting him.

Calvey’s arrest shocked the Moscow business community because he had avoided political controversy and helped develop Russian tech companies.

His house arrest will be valid for three days, then its extension considered.

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