Court transfers controlling stake in Rusagro Group, funds and property of founder Moshkovich, to state

MOSCOW. May 5 (Interfax) - Moscow's Khamovnichesky Court on Tuesday ordered that more than half of PJSC Rusagro Group's shares be transferred to the state in a lawsuit filed against the company's founder and former senator Vadim Moshkovich, the company's former CEO Maxim Basov, and other respondents.

"The deputy prosecutor general's request to transfer 469,702,161 ordinary shares of PJSC Rusagro, with a par value of 2.5 rubles in the name of Vadim Nikolayevich Moshkovich to state ownership is granted," the judge, Vera Fokeyeva, said.

In addition, 795,658 shares in the PJSC owned by Moshkovich's wife, Natalya Bykovskaya; 72,940,400 shares of the company's former CEO, Maxim Basov; and 14,370,325 shares owned by former company executive and Moshkovich's nephew, Sergei Tribunsky, as well as 69,209,183 shares in the name of his wife, Luiza Ploschanskaya will be transferred to the state.

PJSC Rusagro Group has 958,749,600 issued ordinary shares. Thus, the court transferred a controlling stake of just over 65% and placed the company under state control.

The court also ordered that more than 10.5 billion rubles, $1.8 million, 1.6 million euros and more than 200 million yuan on the bank accounts of Moshkovich and seized during a search as well as 87 million rubles belonging to Basov be transferred to the state.

"The court ruling will be enforced immediately," the judge said.

The ruling by Moscow's Khamovniki Court to transfer the controlling share in PJSC Rusagro Group to state revenue will be appealed in a higher court.

"We consider the court ruling to be unjust, unfounded and unlawful, and we will certainly appeal it," Dmitry Kravchenko, the lawyer of former Rusagro executive Maxim Basov, told Interfax.

Representatives of Rusagro founder Vadim Moshkovich declined to comment on the issue.