Russian Court Seizes Billionaire's Confectionery Empire
A Russian court ordered the seizure of billionaire Denis Shtengelov's KDV Group, labeling him and his father extremists. This is part of a trend where the Russian state seizes domestic assets. KDV, a major confectionery producer, owns numerous factories and supermarkets, while Shtengelov resides in Australia.
- Country:
- Russia
A Russian court has taken decisive action by ordering the seizure of KDV Group, a confectionery empire owned by billionaire Denis Shtengelov, according to Interfax. Shtengelov and his father Nikolai were both designated as extremists.
This ruling aligns with recent patterns in which the Russian state has expropriated other domestic enterprises, including a gold producer, a grains trader, and a Moscow airport earlier this year.
KDV Group stands as a significant player in Russia's snack and confectionery sector, operating over 10 factories that produce around 700 different products. Shtengelov also controls the Yarche! supermarket chain, which boasts more than 1,300 locations. Although worth $1.4 billion as estimated by Forbes, Shtengelov resides in Australia, reported Izvestia.
(With inputs from agencies.)
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