Russia has detained the U.S. founder of Baring Vostok, the biggest private independent equity fund in the country, in Moscow on suspicion of embezzling $37.5 million.
Michael Calvey, 51, and three other partners in the fund who have also been detained face up to 10 years if convicted. Two more suspects, both bank executives, have also been detained on the same charges.
Here’s what we know so far:
– Calvey was detained on Thursday, Moscow’s Basmanny court spokeswoman told Reuters on Friday afternoon local time.