(MENAFN) In a recent development, a Moscow appeals court has decided to reduce the suspended sentence of prominent United States private-equity investor and Baring Vostok founder, Michael Calvey. The decision, reported by Interfax on Thursday, comes after Calvey's initial conviction in 2021 on charges of embezzlement, which resulted in a 5.5-year suspended sentence. Subsequently, in 2022, this sentence was already reduced to 4.5 years.
According to Interfax, the most recent appeal has further shaved off two months from Calvey's sentence, bringing it down to four years and four months. The court, in its statement, cited mitigating circumstances and Calvey's full admission of guilt as factors influencing the decision.
However, Calvey's lawyer, Timophey Gridnev, promptly refuted the court's assertion, stating that his client has never admitted guilt and never will because he maintains his innocence.
"The appeal did not touch upon the essence of the sentence, but raised the issue of reducing the punishment and probation in connection with the personality of Michael Calvey," noted Gridnev, emphasizing that the appeal centered around the personal aspects of Calvey rather than the core allegations.
Michael Calvey, a key figure in the financial world as the founder and leader of the USD3.7-billion investment company Baring Vostok, faced legal troubles when he and several associates were arrested in February 2019 as part of an investigation into financial wrongdoing.
Throughout the legal proceedings, Calvey and his colleagues consistently asserted their innocence, attributing the charges to a business dispute with rivals.
After nearly two years under house arrest, Calvey received a 5.5-year suspended sentence in 2021 for embezzlement, with a judge determining that he and his colleagues had conspired to embezzle 2.5 billion rubles (USD27.6 million). The ongoing legal saga surrounding Michael Calvey continues to raise questions about the intricacies of the case, including the nature of the charges, the motivations behind the legal actions, and the controversial assertions regarding Calvey's admission of guilt.
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