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Forbes-named billionaire gets charged with fraud
(MENAFN) Russian prosecutors have detained Vadim Moshkovich, the billionaire founder of the agro-industrial company Rusagro, charging him with large-scale fraud and abuse of power. Moshkovich, named by Forbes as Russia’s 55th richest individual in 2024 with a fortune of $2.7 billion, has been placed in pre-trial detention for two months.
The criminal case against him stems from a complaint by Solnechnye Produkty, a Cyprus-based supplier of vegetable oils, accusing him of defrauding the company of approximately one billion rubles ($12 million). Moshkovich denied the charges during a court hearing and offered a one-billion-ruble bail, but the judge ordered his detention until May 25, citing the risk of him fleeing abroad. Moshkovich holds Israeli citizenship, and his family resides in France and Cyprus. If convicted, he faces up to ten years in prison.
The investigation also led to the detention of Maxim Basov, former CEO of Rusagro, and questioning of current CEO Timur Lipatov. Despite the legal issues, Rusagro assured the public that its operations continue as normal. The company's shares have fallen over 30% since Moshkovich’s arrest.
The criminal case against him stems from a complaint by Solnechnye Produkty, a Cyprus-based supplier of vegetable oils, accusing him of defrauding the company of approximately one billion rubles ($12 million). Moshkovich denied the charges during a court hearing and offered a one-billion-ruble bail, but the judge ordered his detention until May 25, citing the risk of him fleeing abroad. Moshkovich holds Israeli citizenship, and his family resides in France and Cyprus. If convicted, he faces up to ten years in prison.
The investigation also led to the detention of Maxim Basov, former CEO of Rusagro, and questioning of current CEO Timur Lipatov. Despite the legal issues, Rusagro assured the public that its operations continue as normal. The company's shares have fallen over 30% since Moshkovich’s arrest.
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