Russian court rejects appeal of Baring Vostok's Calvey

Calvey is accused of fraud worth more than $37m, but says he is the victim of a corporate dispute with his Russian shareholders.

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    A court in Moscow has dismissed the appeal of prominent American business executive Michael Calvey, who was arrested two weeks ago for alleged fraud.

    Calvey, who will be kept in custody until his trial, has helped invest almost $4bn into the Russian economy.

    But his detention has sent shockwaves through Russia's business community and highlighted its increasingly uncertain investment climate.

    Al Jazeera's Step Vaessen reports from Moscow.


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