⁍ U.S. investor Michael Calvey was detained along with other fund executives in early 2019.
⁍ State investigators accused them of embezzlement related to mid-sized lender Vostochny.
⁍ Calvey, who denied the accusations, is under house arrest until Nov. 13.
⁍ Under the agreement, all claims in Russian and foreign courts would be withdrawn.
– American investor Michael Calvey has been under house arrest in Russia since early 2019 after being accused of embezzling $31 million from Vostochny Bank. Now, the bank says it will pay him the same amount—$31.72 million—as part of a settlement over a corporate dispute, reports Reuters. The deal between Vostochny Bank and Baring Vostok, Vostochny’s second-largest shareholder, was announced Wednesday. Baring Vostok and Vostochny’s other shareholder, businessman Artyom Avetisyan, had been at the center of a battle for control of the bank, which is Russia’s 39th-biggest bank by assets. Calvey had accused Avetisyan and Baring Vostok of being behind the criminal case against him and other Vostochny executives. Under the settlement, Baring Vostok and Avetisyan will withdraw all claims against Vostochny in Russian and foreign courts. It’s not clear whether the agreement will help free Calvey from house arrest.
Source: https://www.reuters.com/article/russia-business-vostochny/update-1-shareholders-in-russias-vostochny-bank-settle-corporate-dispute-linked-to-calvey-case-idUSL8N2HJ5P5