Billionaire’s Snack Empire to Be Seized After Russia Court Order

A Moscow court ordered the nationalization of billionaire Denis Shtengelov’s snack empire, after claims from Russian prosecutors that it provided support to Ukraine, Interfax reported.

The court ruled in favor of the expropriation of KDV Group after Shtengelov and his father were deemed to be an extremist organization, the news agency reported, citing the hearing. KDV was founded by Denis Shtengelov more than 30 years ago and he has a controlling stake in the company worth at least $2.6 billion, according to the Bloomberg Billionaires Index.