A Moscow court has ordered to keep in custody Baring Vostok's founder Michael Calvey until April 13.  Calvey was detained on Friday. He is suspected of embezzling 2.5 billion rubles (about $38 million) from Vostochny bank.

"Only detention in custody of suspected Calvey can promote the interests of justice," the judge Artur Karpov cited by Russian news agency TASS said. The court has taken into account the US citizenship of the businessman, as well as the fact that he has substantial financial resources and connections, it is added.

According to the prosecutors, First Collection Bureau, the company owned by Calvey, took 2.5 billion rubles loan in Vostochny bank in 2015. Two years later, instead of repaying the loan, Calvey allegedly convinced the bank to accept a stake in another firm at an inflated price.

After Calvey's detention, Head of Russia's Sberbank German Gref said that he knew Calvey as "a decent and honest man who made a lot to attract investments" to Russia. Gref added that he did not have substantial knowledge about the allegations against Calvey but hopes the case "will prove to be a misunderstanding."

michael calvey
moscow court

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