Russia to Liquidate Seized Corporate Assets Following Alleged Corruption Investigations

Russian Finance Minister Anton Siluanov announced plans to sell state-seized assets at the St. Petersburg International Economic Forum (SPIEF-2024).

The decision comes after judicial rulings transferred the assets to the state treasury due to alleged anti-corruption law violations involving over thirty companies. Key among the seized assets are “First Bread Combine” and “Makfa”, a major global pasta producer exporting to over 25 countries.

The legal actions also targeted ten individuals, including Vadim Belousov, former CEO of Makfa and ex-deputy of the State Duma, along with Mikhail Yurevich, former governor of the Chelyabinsk region.

Regarding the Makfa group, when asked humorously if the government would start producing state pasta, Siluanov clarified that the government’s role was not to manage or hold these assets but to liquidate them.