Billionaire Tycoon Arrest Stirs Russian Business World

Vadim Moshkovich, the founder of Rusagro and one of Russia's richest businessmen, was charged with embezzling 30 billion roubles. Initially successful in Russia's agricultural sector, his arrest has created significant upheaval among the nation's business elite. Moshkovich denies the charges against him.

On Wednesday, prosecutors charged Vadim Moshkovich, the billionaire founder of Rusagro, Russia's leading agriculture company, with embezzling 30 billion roubles ($357 million), according to the state news agency TASS.

Moshkovich, who Forbes states has a $2.7 billion fortune, was apprehended last week alongside another senior Rusagro executive. A Moscow court ordered his pre-trial detention for two months, a move that sent shockwaves through Russia's business elite. If convicted, he could face a prison sentence of up to 10 years.

The charges are linked to a failed deal involving the acquisition of a major stake in the Solnechnie Produkty oil and fats company. Moshkovich, who rose from selling computers to corporate dominance in Russia's agricultural sector, has pleaded not guilty.

(With inputs from agencies.)