MOSCOW (Reuters) -A Russian court on Wednesday ordered the seizure of confectionery billionaire Denis Shtengelov's KDV Group after it designated Denis and his father Nikolai as extremists, the
Russian Court Orders Seizure of Billionaire Shtengelov's Assets
Overview of the Court's Decision
MOSCOW (Reuters) -A Russian court on Wednesday ordered the seizure of confectionery billionaire Denis Shtengelov's KDV Group after it designated Denis and his father Nikolai as extremists, the Interfax news agency said.
Background on Denis Shtengelov
The verdict is the latest high-profile case of the Russian state seizing domestic assets through the courts, having previously nationalised a gold producer, a grains trader and a Moscow airport this year.
Implications for KDV Group
KDV Group is a major producer of snacks and confectionery. It owns over 10 factories in Russia producing around 700 different products.
Broader Context of Asset Seizures
Denis Shtengelov also owns the Yarche! supermarket chain, which has over 1,300 stores. He is worth $1.4 billion, according to Forbes.
He resides in Australia, according to Russian news outlet Izvestia.
(Reporting by Reuters, writing by Robert Harvey; Editing by Mark Trevelyan/Guy Faulconbridge)
