Accessibility links

Breaking News

Moscow Court Orders Continued Detention of Baring Vostok Partner Delpal

French national Philippe Delpal (right) has been charged with fraud in Russia. (file photo)

A Moscow court has ordered the continued detention of Philippe Delpal, a French national and a partner at the Russia-based private-equity group Baring Vostok.

The Basmanny District Court on April 9 said it had ruled to extend the custody period to July 14 for Delpal, who has been charged with fraud.

Delpal's lawyer, Levan Dzhioyev, had asked the court to reject a request by prosecutors to maintain the Frenchman’s detention.

Delpal, Baring Vostok founder and U.S. citizen Michael Calvey, and other executives and employees of the firm were detained in Moscow in February and charged with financial fraud.

Calvey and the others, who are also being held in detention pending trial, deny any wrongdoing.

If convicted, Calvey -- one of the most prominent foreign investors in Russia -- could face up to 10 years in prison.

Baring Vostok is one of the largest private-equity firms in the former Soviet Union, according to its website.

It manages more than $3.7 billion in assets, is particularly active in the technology sector, and owns a stake in the Yandex search engine.

Based on reporting by Interfax and TASS