Michael Calvey, founder of the investment firm Baring Vostok, and his business partner Philippe Delpal have left Russia, according to sources and lawyers cited by agencies such as TASS, Interfax, and RIA Novosti. It is believed Calvey is in the United States while Delpal is in France. They were convicted in 2021 of embezzling 2.5 billion rubles.
“Calvey and Delpal left Russia soon after the preventive measures were lifted. They are now in their home countries”, a source told RIA Novosti. The preventive measure restricting certain actions by investors was canceled in January 2022.
Earlier, Calvey and Delpal had appealed their sentences and asked the Moscow City Court to overturn the verdict and acquit them.
“Calvey and Delpal left the country legally. No violations occurred on Calvey’s part, his lawyer Timofey Gridnev said, and they were free to act after the supreme court annulled the preventive measures. The court decision in which they were conditionally convicted has not yet entered into force”, Gridnev stated.
According to Calvey’s representatives, the American investor plans to return to Russia to pursue his complaint. Delpal’s representative indicated a similar intention.
Evaluation of the objection
On March 24, the Moscow City Court was set to review appeals against the 2021 decision. The presiding judge noted that only the preparatory stage of the appeal evaluation would occur that day. It later emerged that the hearing was postponed to April 21.
“The court session has been adjourned to April 21 to translate the additions to the appeals into French and to provide Delpal with the documents”, the judge said.
Gridnev’s attorney confirmed in court that Calvey is in the United States but intends to participate in the hearings if a hard-to-obtain visa is secured.
“Calvey intends to attend the meeting, but obtaining a visa amid current events is challenging. If he manages to secure one, he will travel there”, the attorney told a news agency.
had the right to leave
In an interview with socialbites.ca, Timofey Gridnev explained that once the preventive measure was lifted, the investor had the right to leave Russia. He added that Calvey aims to participate in the case and will decide whether to obtain a visa to re-enter Russia.
“Michael Calvey moves freely on the world stage when not restricted by law. He did not violate any rules, and he adheres to court decisions”, Gridnev noted. He said the phrase that Calvey has “left” the country sounds imprecise and vague.
“When, where, and why he moved is beyond my knowledge. I do not know his current location and have no intention of dealing with him. This is Calvey’s private life”, he concluded.
Bloomberg reported in May 2022, citing sources, that Calvey was outside the Russian Federation on the day of the military operation in Ukraine and did not plan to return.
criminal case
Michael Calvey founded Baring Vostok in 1994 to invest in Russian companies. In 2019, a criminal case was filed at the request of a Vostochny Bank board member, Sherzod Yusupov.
Investigators allege that Calvey arranged a scheme in 2015 in which the First Collection Bureau received a 2.5 billion ruble loan from Vostochny, after which shares of the Luxembourg company IFTG were transferred to the bank. The investigation claims the securities were used to repay the loan, though their stated value was 600 thousand rubles. Calvey’s lawyers dispute the prosecution’s version, arguing that the market value of the securities package was 3.8 billion rubles.
In October 2020, the First Collection Bureau agreed to reimburse Vostochny 2.5 billion rubles.
Calvey described the matter as a corporate dispute rather than a financial crime. Attorneys said a financial review of the share values did not take place and that Vostochny Bank received compensation and dropped the civil case.
In August 2021, the Meshchansky Court in Moscow found Calvey guilty of embezzling 2.5 billion rubles and sentenced him to 5.5 years of probation. His partner, Delpal, received 4.5 years of probation. Other defendants received suspended terms ranging from 3.5 to 5 years. Calvey spent more than a year and a half in prison and under house arrest before sentencing.
The businessman described the verdict as humiliating and dishonest, accusing the judge of bias and a lack of understanding of the case. None of the defendants admitted guilt.
In January 2022, the Supreme Court overturned the restraining order on Calvey. From November 2020, he faced a nightly 22:00 to 06:00 ban on leaving his residence, internet usage, contact with the case defendants, and visiting the premises of Vostochny Bank and the First Collection Bureau, with a five-year restriction on leaving Russia without permission. In December 2022, RBC cited sources reporting that Baring Vostok’s business had been reorganized by asset divestment.