Court in Russia today ordered the seizure of the KDV Group of Denis Styngelov’s billionaire products after describing the billionaire himself and his father, Nikolai Stengelov, was reported by the Interfax agency.
This is another seizure of domestic assets by the Russian state through the courts. This year a gold company, a cereal trading company and a Moscow airport have also been nationalized.
The KDV Group is a major snack producer and pastry products. It has 10 factories in Russia that produce about 700 different products.
Denis Styngelov is also owner of the Yarche! Supermarket chain, which has more than 1,300 stores. According to Forbes, his fortune amounts to $ 1.4 billion.
He is a resident of Australia, according to the Russian news website Izvestia.