Denis Shtengelov built his company from the streets of his Siberian hometown more than 30 years ago into a global confectionery empire with billions of dollars in revenues.
Now the tycoon worth at least $2.6 billion is at risk of losing a big part of his fortune.
Russian prosecutors are targeting his KDV Group, one of the country’s largest snack producers, for expropriation. They argue companies tied to the entrepreneur, who now appears to live in Australia, supplied Ukrainian forces with food, according to an Interfax report. They also claim that his father, Nikolai, established a paramilitary unit in the enemy’s territory and that KDV sent income from its Russian operations to so-called unfriendly jurisdictions without regulatory approval.
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