Major US investor in Russian court to face fraud charges

The US head of a major investment firm appeared in a Moscow court for a detention hearing Friday after Russia opened a fraud investigation into him and several of his colleagues.

Michael Calvey, the founder of multi-billion-dollar investment fund Baring Vostok, rejected all accusations against him.

'These accusations about Baring Bostok and about myself are not true,' the 51-year-old said, adding that he would cooperate fully with any probe.

Investigators asked for Calvey to be held until at least April 13, without bail, as he is a frequent traveller with 'considerable resources.'

A Moscow court notice showed Calvey had been detained on suspicion of 'fraud carried out by an organized group.' If found guilty Calvey could face up to to 10 years in prison, according to the Russian criminal code. 

US investor Michael Calvey, (pictured above) attends a hearing at Moscow's Basmanny District Court into an application for a warrant for his detention

US investor Michael Calvey, (pictured above) attends a hearing at Moscow's Basmanny District Court into an application for a warrant for his detention

The firm said in a statement that the charges related to a commercial dispute over a Russian bank.

'Baring Vostok believes that the detention of its employees and the charges that have been brought are a result of a conflict with other shareholders of Vostochniy Bank,' it said.

'We have full confidence in the legality of our employees' actions and will vigorously defend their rights.'

The firm earlier confirmed that four of its employees had been detained, without providing their names.

Calvey, 51, is the founder and head of multi-billion-dollar investment fund Baring Vostok. He denies all charges against him.

Calvey, 51, is the founder and head of multi-billion-dollar investment fund Baring Vostok. He denies all charges against him.

Among them was French citizen Phillipe Delpal, who oversees investments in the financial industry for Baring Vostok.

'I strongly object to the request for a detention,' Delpal said at a separate detention hearing.

'I have no connection with the alleged crime.'

Delpal said he had lived in Moscow for the last 15 years, and has a wife and two daughters in the city.

Two people from other companies had been held in connection to the investigation, agencies reported, citing a court spokesperson.

Baring Vostok partner, Philippe Delpal, (pictured above right) is suspected of complicity in large scale fraud 

Baring Vostok partner, Philippe Delpal, (pictured

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