A Russian court on Wednesday released three men who were taken into custody last year in an embezzlement case against the Baring Vostok private equity group, placing them under house arrest instead, the RIA news agency reported.
The men, including two Baring Vostok executives, were detained a year ago along with their colleagues, U.S. investor Michael Calvey and French national Philippe Delpal.
All five deny wrongdoing and say the charges against them are being used to pressure them in a business dispute over control of mid-sized bank Vostochny.
The case has rattled Russia‘s business community and prompted several prominent officials and businessmen to voice concerns about the treatment of the executives. Calvey and Delpal were both moved to house arrest last year.
Baring Vostok’s supporters in the case clapped in the courtroom on Wednesday as the court ruled to move executives Vagan Abgaryan, Ivan Zyuzin and Maxim Vladimirov to house arrest until April 12, RIA reported.