Baring Vostok group welcomes Russian investigators' request to transfer founder to house arrest

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MOSCOW, April 10 (Xinhua) -- Baring Vostok private equity group welcomed Wednesday an application by the Investigative Committee of Russia to transfer its founder and CEO Michael Calvey from detention to house arrest.

"We firmly believe that prison detention is an excessive measure in the context of this case, which at its core is an exclusively commercial dispute and should be considered within a legal arbitration framework," the company said in a statement.

"We believe that the court will establish the truth and find our colleagues not guilty," it said.

Earlier on Wednesday, Russian news agencies reported that Moscow's Basmanny district court received a request from the Investigative Committee to transfer Calvey and Alexei Kordichev, ex-CEO of Vostochny Bank, a subsidiary of Baring Vostok, to house arrest.

The court is expected to consider the request on Thursday, its spokesperson told reporters.

Calvey, a U.S. citizen, was detained alongside four other senior managers in February and charged with fraud.

Baring Vostok has said that it has full confidence in the legality of the managers' actions and does not agree with the charges.

Baring Vostok, a leading private equity group in Russia, has invested more than 900 million U.S. dollars in Russia over the last 25 years. Enditem

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