The Federal Penitentiary Service has acquitted the conviction of Michael Calvey, founder of the Baring Vostok investment fund, convicted of embezzling funds from the Vostochny Bank. He was sentenced in 2021 to 5.5 years of probation; The conviction was acquitted once the probation period ended.
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The Federal Penitentiary Service of the Russian Federation has expunged the criminal record of the founder of the private investment fund Baring Vostok, Michael Calvey. This was reported by Reuters.
Calvey, in a comment to the agency, said he was glad the “unfair and illegal verdict” in his case had been overturned. Calvey’s conviction was vacated due to the end of his probation period, which expired on April 5, 2024.
Michael Calvey and others were convicted in 2021 of embezzling funds from Vostochny Bank. Calvey received a 5.5 year suspended sentence.
Michael Calvey founded the Baring Vostok investment fund. In December 2022, it was decided to divide the fund’s business into Russian and international.
Under the terms of the agreement, the Russian division represented by Vostok Investments would receive a stake in the Ozon market. In April 2024, Vostok Investments closed an agreement to purchase 28% of Ozon’s capital.
Author:
Kirill Bilyk
Source: RB
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