MOSCOW (Reuters) - U.S. investor Michael Calvey pleaded guilty to embezzling 2.5 billion roubles ($27.7 million), Interfax reported on Thursday, citing a court of cassation.
Calvey, the founder of Russia-focused private equity group Baring Vostok, was detained along with other executives in early 2019 on charges of embezzlement linked to mid-sized lender Vostochny.
In 2021, he was given a five and a half year suspended sentence.
Lawyers for Calvey could not be immediately reached for comment.
($1 = 90.3675 roubles)(Writing by Felix Light; editing by Guy Faulconbridge)
Persons:
Michael Calvey, cassation, Baring, Felix Light, Guy Faulconbridge
Organizations:
Calvey
Locations:
MOSCOW, Russia