Russian Billionaire Vadim Moshkovich Detained on Large-Scale Fraud Charges

The founder of agricultural giant Rusagro faces pre-trial detention as prosecutors investigate alleged fraud tied to a conflict with Solnechny Produkti.

• Vadim Moshkovich, founder of Rusagro, and former CEO Maxim Basov were detained by Russian prosecutors on charges of large-scale fraud.
• Police raided multiple Rusagro offices, and current CEO Timur Lipatov is reportedly being questioned as part of the investigation.
• The charges are reportedly linked to a long-standing but recently escalated legal dispute with Solnechny Produkti, a major supplier of vegetable oils and fats.
• Rusagro's shares fell by 18% following the detentions, though the company stated the investigation is unrelated to its current operations and pledged full cooperation.
• Moshkovich, who has pleaded not guilty, could face up to 10 years in prison if convicted; prosecutors are seeking pre-trial detention for him.

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The Independent