Russian prosecutors ordered on Thursday to be detained by billionaire Vadim Moskovic, founder of the country’s leading agricultural company Rusagro, suspected of large -scale fraud, according to Reuters.

What is well known about the case and the billionaire?

Was put under detention

Moskovic, 57,, Russia’s 55th richest businessman, according to Forbes, and former CEO Rusagro Maxim Bassov were arrested and police raided various Rusagro offices.

The Russian Izvestia newspaper reported that the current CEO of Timur Lipatov was also questioned by the police. Rusagro’s shares retreated by about 18%after the news.

The Russian newspaper Vedomosti and RBC said the case against Moskovic is related to a conflict with the founders of Solnechny Produkti, a large supplier of vegetable oils and fats.

Russian court documents showed that Moskovic was accused of large -scale fraud, for which there is a maximum sentence of 10 years. Prosecutors have asked the court documents to remain in custody pending the proceedings.

Moskovic said innocent, Interfax said.

According to RBC and Kommersant, the founders of Solnechny Produkti had a long legal dispute, but the situation suddenly changed a month ago. It was not clear why.

What is Rusagro

Rusagro is the largest producer of sugar, meat, oil and fat products in Russia and is ranked among the five largest land owners in the country. It controls 6,850 square kilometers of land – over four times the extent of the wider London.

Rusagro is based in the Belgorod area, which borders Ukraine and receives frequent attacks.

The company issued a statement confirming that investigations were done in many of its offices, but says the company is not related to its “current activities”.

“We realize that this situation can raise questions to our customers, partners and employees, so we hasten to assure you: the company fully complies with the law and is ready to provide any necessary assistance to the authorized bodies,” the announcement said.

The company also said that all the activities of the company are continuing normally and that all obligations are met. “We are sure of the transparency of our work and we expect the processes to be completed as soon as possible.”

Rusagro changed its headquarters from Cyprus to Russia this year, following a Russian court ruling in a case brought by the Ministry of Agriculture against the Rusagro parent company based in Cyprus.

Rusagro, which is not subject to western sanctions, is Russia’s only largely listed agricultural company.

Who is Moskovic?

Born in 1967 in Moscow, Moskovic began to engage sugar in 1995 in the chaos of post -Soviet Russia. Bought the first sugar factories and agricultural land in the coming years.

Moskovic founded Rusagro in 2003. The billionaire was also a member of the upper Parliament of the Russian Parliament between 2006 and 2014, representing the Belgorod region.

After being imposed on the West, Moskovic resigned as president of Rusagro in 2022, reducing his share below 50%.

Moskovic possessed assets in real estate in Moscow. He is also a philanthropist, the most important work of which in recent years has been a school for charismatic children, just outside Moscow.