The Russia-based investment fund Baring Vostok and its former partners said Wednesday they had reached a settlement in a dispute which led to the arrest of US financier Michael Calvey in 2019. Several Baring Vostok executives, including its founder Calvey and French banker Philippe Delpal, were detained last year and accused of defrauding Vostochny Bank of 2.5 billion roubles ($31.7 million). In a joint statement, Baring Vostok and Russian banker Artyom Avetisyan -- the shareholders of Vostochny Bank -- announced they had "settled their corporate dispute" and all claims in Russian and foreign courts and arbitrations would be withdrawn. The statement said that the settlement agreement "is in no way concerned with the criminal case against former directors of Vostochny Bank." Russian prosecutors said earlier Wednesday they confirmed the criminal charges against Baring Vostok executives and the case would soon go to trial. But some expert suggested that following Wednesday's announcement Calvey and other executives could eventually be released from house arrest. Vostochny Bank, controlled by Avetisyan, said in a statement on Wednesday that Baring Vostok would pay back the 2.5 billion roubles. The case against Calvey, who has worked in Russia for over two decades, and his associates has shocked the business community. Baring Vostok has invested in some of the biggest companies in the country including tech giant Yandex and Ozon, a top online retailer. Calvey, Delpal and five Russian citizens remain under house arrest. All but one have denied their guilt and insisted the case was fabricated in an attempt by minority shareholders of Vostochny to gain control over the bank. acl/as/rl