Rusagro Under Investigation: Billionaire Founder Questioned Amid Embezzlement Probe

Russian police conducted searches at Rusagro's offices, questioning founder Vadim Moshkovich in a criminal embezzlement case. Despite the investigation, Rusagro stated that its operations continue unaffected, reaffirming compliance with the law. Rusagro is a major Russian agricultural firm and was recently included in an economic significance list.

Russian authorities intensified their scrutiny of Rusagro, conducting extensive searches of its offices as part of a criminal investigation into alleged embezzlement. These actions included questioning billionaire founder Vadim Moshkovich, sources informed Reuters.

The company's stock fell dramatically by 18% following the news. Despite the ongoing investigation, Rusagro has assured clients and partners that its operations are unaffected and fully compliant with the law, hoping to clear its name promptly.

Founded by Moshkovich in 2004, Rusagro stands as a key player in Russia's agriculture sector, endorsed by the government as an economically crucial enterprise. Despite recent Western sanctions that saw Moshkovich resign from his chairmanship, the firm remains a significant entity free from any direct sanctions.

(With inputs from agencies.)