MOSCOW: A Russian court released U.S. investor Michael Calvey on Thursday after two months in jail and placed him under house arrest until Saturday, softening his treatment in a fraud case that has rattled investors.Calvey, founder of the Baring Vostok private equity group, was detained in February pending a trial on embezzlement charges that he denies and that he says are being used to pressure him in a corporate dispute over control of a Russian bank.
Several prominent officials and businessmen had lobbied for the release of Calvey and other Baring Vostok executives detained with him, and had called their pre-trial incarceration unduly harsh. Prosecutors told the court they were happy for Calvey to be released from custody as he had three children, as well as property in Russia, and that several prominent businessmen had publicly vouched for him.
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