Russian court orders Baring Vostok founder to be held for 72 hours

MOSCOW (Reuters) – A Russian court on Friday ordered Baring Vostok’s founder Michael Calvey to be kept in custody for 72 hours following his detention on suspicion of fraud, allegations that he denies.

The court complied with a request from Calvey’s lawyers and postponed a decision that the prosecutor had been seeking at the court on Friday to formally arraign him. That decision was due to take place on Saturday at another hearing, the court said.