The Moscow City Court released French investor Philippe Delpal from jail to house arrest after prosecutors unexpectedly dropped their opposition in a closely watched case that’s become a thorn in relations between Russia and France.
Delpal has been in jail in Moscow since he was arrested in February along with several of his partners in Baring Vostok Capital Partners on charges of fraud involving a bank the fund invested in. Delpal and his colleagues deny any wrongdoing and say the charges are the result of a business dispute with their local partner in the bank. The arrests at one of Russia’s largest foreign private-equity funds shook the investment community.