Russia Charges Farming Billionaire Moshkovich With Fraud

THURSDAY March 27, 2025 |
By thenewsdesk.ng

Russian police have charged billionaire Vadim Moshkovich, founder of the country’s top agriculture company Rusagro, with fraud on Wednesday, March 26, 2025, Russian news agencies said, in the highest profile case against a major businessman in years.

The detention of Moshkovich, 57, Russia’s 55th richest businessman, according to Forbes, and ex-CEO of Rusagro Maxim Basov as well as police raids in several Rusagro offices, sent shockwaves through the Russian business community.

The case comes as Russia is also quickening the pace of domestic asset seizures after courts ruled that a leading grain trader, Moscow’s Domodedovo airport and strategic warehouse assets be handed over to the state, citing their foreign links.

Izvestia newspaper reported that the company’s current CEO Timur Lipatov was also being questioned by the police. Rusagro’s shares fell by about 18% on the news.

The company issued a statement confirming several of its offices had been searched but saying the operation was not related to its “current activities”.

“We understand that this situation may raise questions among our clients, partners and employees, so we hasten to assure you: the company fully complies with the law and is ready to provide all necessary assistance to authorised bodies,” it said.

It said all company activities were continuing as normal, and all obligations were being met. “We are confident in the transparency of our work and expect the procedures to be completed as soon as possible.”