New Bribery Charges Unfold Against Incarcerated Billionaire Vadim Moshkovich

Russian authorities have brought new bribery charges against billionaire Vadim Moshkovich just days before his pre-trial detention was set to conclude, as reported by the Kommersant business newspaper, referencing a Moscow court.

Moshkovich, who established the agricultural firm Rusagro, was taken into custody in late March on allegations of large-scale fraud and misuse of power.

Together with former Rusagro CEO Maxim Basov, he stands accused of not repaying 47 billion rubles (approximately $582 million) in loans after securing a majority interest in Solnechny Produkti, a significant supplier of vegetable oil and fats in Russia, during 2018-2019.

Additionally, they are charged with inflicting another 1 billion rubles (around $12.4 million) in losses due to a series of deals deemed “economically unjustified and unprofitable.” Investigators have identified 16 alleged victims in this case, which include independent creditors and regional tax authorities.

The latest bribery allegation, revealed Tuesday at the Meshchansky District Court in Moscow, claims that Moshkovich bribed an unnamed official in return for unspecified services.

The court has extended the pre-trial detention period for both Moshkovich and Basov until August 25. If found guilty of fraud and abuse of power, they could face up to 10 years in prison, while the new bribery charge could lead to a sentence of up to 15 years.

Moshkovich, currently ranked as the 55th richest individual in Russia with an estimated fortune of $2.7 billion, is the first billionaire listed by Forbes to be arrested in Russia since the onset of the full-scale invasion of Ukraine.

He founded Rusagro in 2003, which has become one of Russia’s leading producers of sugar, meat, and vegetable oils.

In February 2022, Moshkovich was sanctioned by the EU after attending a Kremlin meeting with President Vladimir Putin and other business leaders on the day of the invasion. Subsequently, he resigned as chairman of Rusagro and reduced his ownership stake in the company to below 50%.