Detained US investor in Russia may get house arrest

Russian law enforcement has applied to have detained U.S. investor Michael Calvey released on house arrest pending a trial on charges of embezzlement.

The Moscow City Court says the Investigative Committee, a law enforcement agency, filed an application to be reviewed Thursday regarding Calvey and a Russian colleague.

Calvey and five colleagues have been in custody since February on allegations of embezzlement involving a Russian bank where Calvey's firm, Baring Vostok, has a controlling stake. They all deny wrongdoing.

Calvey's arrest sent shockwaves through the Moscow business community, as he had avoided political controversy and helped develop Russian tech companies.

A French colleague of Calvey, Philippe Delpal, had his custody period prolonged Tuesday.

Baring Vostok has said the case results from a dispute between shareholders at a Russian bank and maintains its staff acted legally.