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Detained US Investor in Russia May Get House Arrest

by Associated Press

   MOSCOW --

   Russian law enforcement has applied to have detained U.S. investor
   Michael Calvey released on house arrest pending a trial on charges of
   embezzlement.

   The Moscow City Court says the Investigative Committee, a law
   enforcement agency, filed an application to be reviewed Thursday
   regarding Calvey and a Russian colleague.
   Calvey and five colleagues have been in custody since February on
   allegations of embezzlement involving a Russian bank where Calvey's
   firm, Baring Vostok, has a controlling stake. They all deny wrongdoing.
   Calvey's arrest sent shockwaves through the Moscow business community,
   as he had avoided political controversy and helped develop Russian tech
   companies.
   A French colleague of Calvey, Philippe Delpal, had his custody period
   prolonged Tuesday.
   Baring Vostok has said the case results from a dispute between
   shareholders at a Russian bank and maintains its staff acted legally.