The Arbitration Tribunal of the Krasnodar Territory has made a decision considered unprecedented and has suspended the examination of the case regarding the nationalization of “Novoroscement” — the largest cement producer in Russia, which owns two factories in Novorossiisk.
According to RBC, the request for withdrawal of the action was filed by the Prosecutor General’s Office itself, the institution that had previously initiated the confiscation of the factories in favor of the state.
The owner of “Novoroscement”, Lev Kvetnoi (estimated wealth of 1.3 billion dollars, according to Forbes), became the second Russian billionaire who managed to reject a nationalization process. Previously, the owner of “Eurochim” and SUEK, Andrei Melnichenko, also managed to retain his assets after claims by the Prosecutor General’s Office. He concluded an amicable agreement with the prosecutors and directed an unspecified amount towards “social and charitable projects”.
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