LONDON, May 20 — Russia’s prisons service has removed US investor Michael Calvey from its register after the probation period on his sentence expired, a document seen by Reuters showed, clearing his criminal record following a years-long embezzlement case.

Calvey, the founder of Russia-focused private equity group Baring Vostok, was detained along with other executives in early 2019 on charges of embezzlement linked to mid-sized lender Vostochny in a 2.5-billion-rouble (RM129 million) case.

His treatment had been closely followed by foreign investors in Russia — although with the advent of the war in Ukraine, the investment climate has entirely changed.

In 2021, Calvey, who denied all charges, was given a 5-1/2-year suspended sentence, commuted to 4-1/2 years in 2023. In February, a Russian cassation court reduced the sentence by another two months and Calvey’s probation period to two years and eight months.

That probation period ended on April 5, 2024, according to a note seen by Reuters from Russia’s federal prison service, FSIN.

"I am relieved that the unfair and unlawful conviction in my case has finally been vacated and nullified,” Calvey, who had already left Russia after his detention restrictions were eased, said in a statement.

"The investigation against us was wrongful from the beginning and it took a significant toll on everyone involved.

"But I have turned the page and am full of energy as I now contemplate the next steps in my life.”

The FSIN did not immediately respond to a request for comment.

According to Russian law, a person is considered "convicted” until their criminal record is vacated, which occurs once the probation period is over, the Guild of Russian Lawyers said on April 25 in a note on Calvey’s case.

Calvey told Reuters he had no plans to return to Russia or renew investments there.

Calvey and his colleagues were initially placed in pre-trial detention and then under house arrest, although those restrictions were eased in November 2020, before the defendants were found guilty and sentenced in August 2021.

Restrictive measures were further eased in 2022. — Reuters