Food selection: what threatens the founder of Rusagro Vadim Moshkovich?
The head of Rusagro holding, Vadim Moshkovich, and his former CEO, Maxim Basov, face up to ten years in prison on charges of fraud on an especially large scale, lawyers say. The billionaire and the ex-manager of his holding company were detained on March 26. On the same day, they were charged with fraud on an especially large scale and abuse of authority, a source told Izvestia and Basov's lawyer Roman Kozhura confirmed. It is possible that the case is related to the possible withdrawal of funds abroad through the Cypriot company ROS AGRO PLC, the interlocutors of the publication suggested. In addition, the reason for the investigation may be the fact of an unfriendly takeover by Rusagro of Agro Belogorye holding, the sources do not exclude. The details of the case are in the Izvestia article.
What is the head of Rusagro accused of?
Vadim Moshkovich, the founder of Rusagro Holding, a former senator from the Belgorod Region, and Maxim Basov, the former CEO of Rusagro, were charged on March 26 with fraud on an especially large scale and abuse of authority, a law enforcement source told Izvestia. This information was later confirmed by Basov's lawyer Roman Kozhura.
The company's offices in Belgorod, Moscow, Tambov and Saratov were searched.
According to SPARK, Vladimir Moshkovich is now the head of Cyprus-based Granada capital CY Ltd. She holds a stake of more than 50% in another company, ROS AGRO PLC. It is ROS AGRO PLC that owns a controlling stake in PJSC Rosagro Group, and it is already the de facto main owner of Rusagro Group of Companies LLC. Its CEO is Timur Lipatov.
On the afternoon of March 26, a source from Izvestia reported that Timur Lipatov had also been detained and taken for questioning. However, at the moment his procedural status is unknown. And the Moscow Meshchansky Court will consider petitions for the election of a preventive measure in the form of detention for Moshkovich and Basov on March 27.
Rusagro Holding is the largest supplier of butter, sugar, and meat in the Russian Federation with revenue of 71 billion rubles (the latest known data for 2023). He owns, in particular, such brands as "Russian sugar", "Chaikofsky", Mon Cafe, cane sugar "Brownie", cereals "Warm Traditions".
"Today, on 03.26.25, law enforcement agencies conducted searches in several offices of our company. We understand that this situation may raise questions from our customers, partners and employees, so we hasten to assure you that the company fully complies with the law and is ready to provide all necessary assistance to the authorized authorities. These events have nothing to do with the company's current activities," the Rusagro press service said.
They assured that the company's activities continue as normal, all production sites are operating, and all obligations to customers, partners, and employees are being fulfilled in full.
"We are confident in the transparency of our work and look forward to completing the procedures as soon as possible. The company's management is at their workplaces," they added.
Despite the detention of the owner and top manager of Rusagro, the largest retail chains do not expect any disruptions in the supply of the holding's products, they told Izvestia.
From May 2006 to December 2014, Vadim Moshkovich was a member of the Federation Council from the Belgorod region. In addition, Moshkovich owns a large construction company, Level Group, with a portfolio of more than 1 million square meters. m of real estate. The company focuses on housing construction within old Moscow. His fortune is estimated at more than $2 billion.
In 2022, the European Union imposed sanctions on Moskovich. After that, the entrepreneur reduced his stake in Rusagro, dropping it below 50%, and left his post on the company's board of directors. The businessman's attempt to challenge personal restrictions ended in failure: in 2023, the European Court of Justice rejected his claim.
In a letter sent to the European Court, it was stated that the owner of Rusagro had admitted using mechanisms to minimize tax deductions, as a result of which his enterprises practically do not contribute to the Russian budget. The businessman claimed that for this reason his activities do not have a significant impact on the country's economy, which, in his opinion, should serve as a basis for lifting European sanctions against him.
In 2024, the Cypriot authorities revoked Moskovich's citizenship, obtained under the Golden Passport program, for businessmen who invested in the country's economy.
Maxim Basov worked at CB Citibank, IB Renaissance Capital, McKinsey, Severstal, and Interpipe companies. In 2006-2009, he headed the Metalloinvest holding company. In April 2011, under his leadership, the holding company ROS AGRO PLC successfully listed on the London Stock Exchange. In June 2024, he took over the post of CEO of Gloria Jeans, but left it six months later.
What is the criminal case related to?
In April 2024, the Russian Ministry of Justice analyzed the appeal of State Duma deputies regarding the possible recognition of Vadim Moshkovich as a foreign agent, Izvestia wrote. Deputies Anatoly Greshnevikov, Mikhail Delyagin, Elena Drapeko and Oleg Nilov sent an appeal to the ministry.
They drew attention to the fact that the management company of the Rusagro group, ROS AGRO PLC, is still registered in Cyprus, which is classified as a country unfriendly to Russia. They emphasized that Rusagro is a key player in the country's food security.
— We wrote a corresponding letter, because this is a fairly well-known oligarch who has made quite a lot of statements that can be interpreted as anti-Russian. But he's doing well, he's doing great, he has a big business, as I understand it, offshore," Mikhail Delyagin explained to the editorial staff at the time.
According to him, if a person has an offshore company and runs a Russian business through it, then he depends on those who control this offshore company, namely from Western intelligence agencies. The Ministry of Justice stressed that if there is information confirming that a person is under foreign influence, the issue of his inclusion in the relevant register will be considered.
Vadim Moshkovich is currently involved in ten organizations, according to Rusprofile data.
Since Maxim Basov was detained at the same time as Vadim Moshkovich, law enforcement officers probably had complaints against them in connection with the activities of the Rusagro group of companies, judicial lawyer Ilya Vasilchuk suggested.
— Of the last major court cases involving Rusagro, this is the bankruptcy case of Volzhsky Terminal LLC, as well as a very interesting case that was considered behind closed doors with the participation of PJSC Rusagro Group and Vadim Moshkovich on the claim of the Ministry of Agriculture against ROS AGRO PLC. In any case, having such a huge business like these entrepreneurs, it is very easy to stumble and commit a crime," he said.
In particular, according to the lawyer, the latest case was related to the suspension of the exercise by the foreign holding company ROS AGRO PLC of corporate rights arising from participation in an economically significant organization — PJSC Rusagro Group.
"It is possible that the court has established the fact of the withdrawal of part of the income from Rusagro's activities abroad," he believes.
The sanctions provided for under the article on fraud on a particularly large scale involve punishment in the form of imprisonment for up to ten years with a fine of up to one million rubles, the expert said.
Vladimir Kuznetsov, chairman of the All-Russian Trade Union of Mediators, suggested that the case of the "seizure" of the Agro Belogorye company could also be the reason for the arrest. In 2019, the Rusagro Group of companies acquired 22.5% of the shares of Agro Belogorya. And in 2024, after a series of lawsuits, Rusagro absorbed this agricultural holding. At that time, the media reported on possible pressure on the owners of Agro Belogorye in order to force them to give up their assets or achieve their subsequent forced exclusion from the membership, Vladimir Kuznetsov said.
Переведено сервисом «Яндекс Переводчик»
