Russian prosecutors are seeking to seize control of a major snack food company owned by billionaire Denis Shtengelov, accusing him of supporting Ukraine and moving funds abroad.
Shtengelov, 54, founded food company KDV in Siberia in the 1990s and built it into one of Russia’s largest snack producers, valued at around 500 billion rubles (€5.1 billion). The company sells a range of products, including biscuits, chocolate, chewing gum, and wafers. Bloomberg estimates his personal fortune at more than €2.2 billion.
British newspaper The Telegraph reported that in a 2022 Dutch media article, Shtengelov expressed regret over Russia’s invasion of Ukraine.
According to Russian media cited by The Telegraph, prosecutors allege that Shtengelov, who has lived in Australia for over a decade, voiced support for Ukraine and shifted profits out of Russia without authorization.
They also claim his father, a businessman in Ukraine’s Zaporizhzhia region, donated to Kyiv’s defense fund and set up a paramilitary unit.
The case is expected in court later this month, though reports suggest some of KDV’s assets have already been frozen.
Shtengelov’s company said it was “operating as normal,” adding that it had paid €140 million in taxes and invested heavily in Russian factories and jobs over the past three years.
“Our team sincerely hopes for a fair and balanced resolution of the current situation,” KDV said in a statement.
According to Bloomberg, lawyers at the Moscow firm Nektorov, Saveliev & Partners estimate that Russian authorities have seized property worth around €40 billion since 2022, with the value of confiscated assets tripling in the past year.