Moscow City Court upholds transfer of Rusagro controlling stake, holding founder Moshkovich's money, real estate to Russian state

MOSCOW. June 17 (Interfax) - The Moscow City Court's Appeal Panel has found no reason to overturn the ruling, which transfers the controlling stake in Rusagro Group and other assets of holding founder Vadim Moshkovich and former Rusagro CEO Maxim Basov to the state revenue.

"The court ruling of May 5 has been upheld, and the appeals filed by the defense have been dismissed," the court told Interfax.

The ruling has thus taken effect.

In early May Moscow's Khamovnichesky District Court granted a request by prosecutors to transfer 627,017,727 ordinary shares in PJSC Rusagro Group to the state. The court thus handed a controlling stake over to the Russian state and the company is now state-controlled.

In addition, more than 24 million ordinary shares of JSC Etalon, shares in the authorized capital of Finansovy Resurs, Bondarsky Cheese Factory, Rusagro Group of Companies, and Geomiragro, as well as three land plots for individual housing construction in Moscow and the respondents' funds exceeding 16.1 billion were transferred to the state.

The court did not confiscate a luxury apartment in Moscow's Khamovniki neighborhood and a house in the Tagankovo village from Moskovich's wife.