Billionaire Arrest Shakes Rusagro as Stocks Plummet

Rusagro, a leading Russian agricultural producer, experienced a significant stock decline following the arrest of its billionaire founder, Vadim Moshkovich. The arrest, linked to a conflict over acquired assets, resulted in fraud charges. Amidst the crisis, Rusagro assures compliance with regulations and continuation of operations.

Rusagro, a major player in Russia's agricultural sector, has seen a dramatic decline in its stock value following the arrest of its founder, Vadim Moshkovich. The billionaire's detention, the most significant in Russia for years, stems from a dispute with the founders of a major vegetable oil supplier acquired in 2018.

Moshkovich, ranked as Russia's 55th wealthiest individual by Forbes, faces large-scale fraud charges. The Federal Security Service (FSB) and anti-corruption police have conducted extensive raids, seizing assets from company locations and executives' homes across Moscow and other cities.

In response to this upheaval, Rusagro has reassured stakeholders of its commitment to legality and operational continuity. Despite the European Union's sanctions against Moshkovich post-Ukraine invasion, the company maintains that its activities remain unaffected and opines confidence in its operational transparency.

(With inputs from agencies.)