Russian court denies detained U.S. investor Calvey bail

MOSCOW (Reuters) – A Russian court on Thursday ruled that prominent U.S. investor Michael Calvey should remain in custody pending trial, rejecting his appeal to be released on bail or moved to house arrest.

Calvey, a founder of Baring Vostok Capital Partners, was detained earlier this month along with three other executives from his private equity group after investigators accused them of stealing 2.5 billion roubles ($38.09 million).

He denies the allegations, which he says are intended to pressure him in a business dispute over a Russian bank where he is a board member.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.