Tuesday, 30 May 2023 04:58 GMT

Visa Issues Prevent US Investor Michael Calvey's Attendance at Moscow Court Hearing


(MENAFN) According to Larisa Kashtanova, the lawyer representing United States private-equity investor Michael Calvey, he was unable to obtain a visa to attend a court hearing in Moscow for his appeal against a fraud conviction. Calvey's French associate, Philippe Delpal, also faced visa difficulties and was unable to appear in court. Both men's attorneys confirmed that they agreed to be tried in absentia.

Calvey, the former head of Baring Vostok, a prominent USD3.7-billion investment firm he established, was sentenced to a 5.5-year suspended sentence in Russia in 2021 for embezzlement. The court found him and his colleagues guilty of conspiring to misappropriate tens of millions of dollars. Delpal, among others involved in the case, received a four and a half-year suspended sentence.

The embezzlement scheme that led to their convictions was linked to loans issued by a bank owned by Calvey's Baring Vostok fund in 2015, amounting to USD34 million.

Unfortunately, the visa hurdles faced by Calvey and Delpal have prevented their physical presence in the court proceedings. Despite their absence, their legal representatives will continue to advocate for their interests during the appeal process.

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