Russian court puts French investor under house arrests

Business
Philippe Delpal

FILE – In this Tuesday, April 9, 2019 file photo, Philippe Delpal, partner at Baring Vostok equity firm, is escorted to the court room in Moscow, Russia . The Moscow City Court ruled on Thursday, Aug. 15 to put Philippe Delpal, partner at the Moscow-based private equity firm Baring Vostok, under house arrest, more than six months after he was first arrested and sent to jail. (AP Photo/Pavel Golovkin, File)

MOSCOW (AP) — A Moscow court has put a jailed French investor under house arrest.

The Moscow City Court ruled on Thursday to place Philippe Delpal, partner at the Moscow-based private equity firm Baring Vostok, under house arrest, more than six months after he was first detained and sent to jail.

Delpal and five of his colleagues including Baring Vostok’s founder Michael Calvey face charges of embezzlement involving a Russian bank where Baring Vostok has a controlling stake. They all deny wrongdoing.

The criminal case against Baring Vostok, one of Russia’s oldest foreign private equity firms, has sent shockwaves through the Moscow business community, as Calvey and his associates made a crucial contribution to developing Russia’s tech industry while maintaining strong ties with the government.

Copyright 2019 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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