Russia’s supreme court has ruled that U.S. investor Michael Calvey and other executives of private equity firm Baring Vostok be released from house arrest, the RIA news agency reported on Thursday.
Calvey, a prominent investor and founder of private equity group Baring Vostok, was detained along with other fund executives in early 2019 after state investigators accused them of embezzlement related to mid-sized lender Vostochny.
Calvey, who denied the accusations, was supposed to be under house arrest until Nov. 13.
He plans to return to work with Baring Vostok in the near future, Interfax quoted him as saying on Thursday.
Calvey’s case has rattled Russia’s business community and prompted several prominent officials and businessmen to voice concerns about the way the state deals with commercial disputes and executives caught up in them.