A Russian court has ordered the confiscation of the confectionery company "KDV Group", owned by billionaire Denis Shtengelov, after declaring him and his father Nikolai extremists, Reuters reported, citing the Russian news agency "Interfax", BTA reported.
The court ruling is another case of confiscation of domestic assets by the Russian state, after earlier this year the assets of the country's third-largest gold mining company, a major grain trader and the country's third-largest airport - Domodedovo near Moscow - were nationalized.
"KDV Group" is a large manufacturer of confectionery products and owns over 10 factories in Russia, which produce about 700 different products.
Denis Shtengelov is the owner of the supermarket chain "Yarche!", which has over 1,300 stores. According to "Forbes" magazine, his fortune is $1.4 billion. According to the Russian news outlet "Izvestia", he lives in Australia.