A Russian billionaire’s gold mining empire could be seized by the government. The move comes after allegations that he violated rules preventing public officials from owning businesses.
Billionaire’s Business Under Fire
Konstantin Strukov, a long-time deputy in the Chelyabinsk Region’s Legislative Assembly, is at the center of the controversy. He owns Yuzhuralzoloto, a highly profitable gold mining company. The Prosecutor General’s Office is suing to seize the company’s shares, claiming Strukov broke the law by not divesting his business interests before entering politics. Strukov’s history with the company is extensive, having served as CEO and later chairman of the board.
Profitable Mine, Alleged Overseas Transfers
Yuzhuralzoloto is a major player, producing over 450,000 ounces of gold annually, generating billions in revenue. Prosecutors allege that Strukov has been transferring profits to various countries including Montenegro, Belgium, Switzerland, Luxembourg, Latvia, Estonia, and Turkey, where he and his family have purchased luxury assets.
Government Seeks Full Seizure
The Russian government wants to take complete control of Yuzhuralzoloto, aiming to seize the shares held by both Strukov and his daughter. This dramatic action highlights the government’s crackdown on public officials engaging in private business ventures.