By Gleb Bryanski and Olga Popova
MOSCOW (Reuters) -Russian police searched the offices of farming conglomerate Rusagro on Wednesday and questioned its billionaire founder Vadim Moshkovich, company sources told Reuters.
Interfax news agency quoted a source familiar with the situation as saying that the searches were linked to a criminal investigation into embezzlement. The agency did not provide any details.
Izvestia newspaper reported that the company’s 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.”
The company is Russia’s leading producer of sugar, meat, oil and fat products, and is ranked among the country’s top five landowners. The government included it last year in a list of “economically significant enterprises” considered important for Russia’s economic sovereignty and security.
Moshkovich founded Rusagro in 2004. The billionaire was also a member of the upper house of the Russian parliament between 2006 and 2014.
After being sanctioned by the West, Moshkovich – Russia’s 55th richest person, according to Forbes – resigned as chairman of Rusagro in 2022, cutting his stake to below 50%.
Rusagro, which is not under Western sanctions, is Russia’s only major listed agricultural company. Its shares have been quoted on the Moscow Stock Exchange (MOEX) since last month, replacing the GDRs of its Cyprus-based parent company which until last year were also listed on the London Stock Exchange.
(Additional reporting by Ksenia Orlova and Maxim Rodionov; Editing by Mark Trevelyan)
Disclaimer: This report is auto generated from the Reuters news service. ThePrint holds no responsibility for its content.