MOSCOW—A Russian court found American private-equity investor Michael Calvey guilty of embezzlement more than two years after he was arrested in a case that shook the foreign business community and exacerbated U.S.-Russia tensions.
The court delayed sentencing the businessman, who is known as a prominent advocate for Western investment in Russia, and said that process would continue Friday. Six of his associates were also declared guilty.
“The court found [the defendants] committed embezzlement, that is, theft of property entrusted to the accused, using their official position, on an especially large scale,” Judge Anna Sokova told Moscow’s Meshchansky district court Thursday.
Russian prosecutors had sought a six-year suspended sentence for Mr. Calvey, founder and senior partner at Baring Vostok Capital Partners who was arrested along with his associates on charges of defrauding lender Vostochny Bank of 2.5 billion rubles, equivalent to around $32 million.
Thursday’s judgment against Mr. Calvey came after Judge Sokova spent around six hours reading details of the verdict, a vast document including testimony of witnesses and defendants from hearings in the case.