Russia's Interior Ministry on July 3 added French businessman Philippe Delpal, a former senior executive in the Baring Vostok investment group, to its wanted list on unspecified charges.
In August 2021, a court in Moscow handed Delpal, U.S. investor Michael Calvey, and five Russian businesspeople suspended prison terms on financial fraud charges.
Calvey is the founder of the Russia-focused private equity group Baring Vostok.
Delpal received a 4 1/2-year suspended prison term at the time and Calvey was condemned to a 5 1/2-year suspended prison term. All have maintained their innocence.
The court also ordered the businessmen not to leave Russia without the authorities' permission, but the ban was lifted in January 2022, allowing Delpal and Calvey to immediately return to their home countries.
In 2023, Calvey's suspended sentence was shortened by one year, and in February 2024, a Russian court of appeals reduced Calvey's sentence by another two months.
In April, Calvey's probation period ended and his conviction was wiped off from the records of Russia's State Penitentiary Service (FSIN).
Calvey and his associates were charged in 2019 with defrauding Vostochny Bank of 2.5 billion rubles ($28.5 million).
Baring Vostok used to be a major shareholder in Vostochny Bank. Defendants claimed the case was aimed at pressuring Baring Vostok as part of a business dispute over the control of Vostochny Bank.
The case has rattled the investment community and prompted several prominent officials and businesspeople to voice concerns about the treatment of the executives.
Baring Vostok is one of the largest and oldest private-equity firms operating in Russia. It was founded in the early 1990s and manages more than $3.7 billion in assets.
The company was an early major investor in Yandex, Russia's dominant search engine.