August 6, 2021

MOSCOW (Reuters) – A Russian court on Friday handed U.S. investor Michael Calvey a 5.5-year suspended sentence for embezzlement, a day after finding him guilty, Interfax news agency reported, in a case that has rattled Russia’s 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.

(Reporting by Maria Tsvetkova; Editing by Leslie Adler)