MOSCOW (Reuters) -A Russian court on Tuesday extended the pre-trial detention of Vadim Moshkovich, the billionaire founder of Russia’s top agriculture company Rusagro who faces charges of embezzlement, until August 25, his lawyer told Reuters.
Moshkovich, a member of Russia’s upper house parliament between 2006 and 2014, was remanded in custody for two months in late March and has been charged with embezzling 30 billion roubles ($372.67 million). He has pleaded not guilty to the charges.
Rusagro, Russia’s only major listed agricultural company, is a leading producer of sugar, meat, oil and fat products, and is ranked among the country’s top five landowners.
The TASS news agency has reported that the charges against Moshkovich relate to a deal to buy an 85% stake in the Solnechnie Produkty oil and fats company from its founder, in return for an investment that did not take place.
Investigators filed new bribery charges against Moshkovich on Tuesday, Russian media reported.
Moshkovich, who appeared in court in a dark T-shirt and navy blue cardigan, has a fortune of $2.9 billion according to Forbes.
His arrest spooked investors. Rusagro’s share price fell 19.5% in Moscow on March 26 and has not recovered since then.
The case forms part of a wider push by Moscow to exert greater control over strategic assets.
Foreign companies have grappled with the risk of state seizure ever since Russia sent troops into Ukraine in February 2022, but Moscow, citing the need for strategic stability and domestic security, has increasingly brought domestic assets too into the crosshairs.
The agriculture ministry last year secured a court decision that forced Rusagro to change its domicile to Russia from Cyprus.
Through other lawsuits, Russia has quickened the pace of domestic asset seizures this year, with courts ruling that a leading grain trader, Moscow’s sprawling Domodedovo airport, strategic warehouse assets and a zinc and lead producer be handed over to the state.
($1 = 80.5000 roubles)
(Reporting by Olga Popova; Writing by Alexander MarrowEditing by Gareth Jones)
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