Moscow Court Remands Russian Billionaire Into Custody

Russian farming billionaire Vadim Moshkovich was remanded in custody for two months by a Moscow court after his detention on suspicion of large-scale fraud, the highest-profile arrest in years of a major businessman in Russia.

Moshkovich, who Forbes says has a fortune of $2.7 billion, appeared in a glass cage in Moscow’s Meshchansky court, handcuffed and carrying a copy of David Eagleman’s book ‘The Brain’ and a bottle of

Court documents showed that Moshkovich is accused of large-scale fraud and could face up to 10 years in jail if convicted. Moshkovich pleaded not guilty to the charges.

“Vadim Moshkovich, the founder of Rusagro, was sent to the pre-trial detention centre,” Moscow’s court service said, adding that the court had dismissed appeals from his lawyers for him to be granted house arrest or bail.

The arrest of Moshkovich, who started out selling computers amid the chaos of post-Soviet Russia before building one of Russia’s most powerful agricultural holdings, sent shockwaves through Russia’s business elite.

There was no comment from the Kremlin on the arrest.

It is the highest-profile arrest of a Russian businessman since the 2018 arrest of Summa shipping and logistics group founder Ziyavudin Magomedov and the 2014 house arrest of AFK Sistema shareholder Vladimir Yevtushenkov.

Meanwhile, the market capitalisation of Rusagro, Russia’s leading producer of sugar, pork, oil and fats, tumbled by a third over two days on the news, according to data from the Moscow Stock Exchange.

REUTERS/Christopher Ojilere