The Sovetsky District Court in Chelyabinsk, Russia, has ruled to transfer a controlling stake in the Yuzhuralzoloto gold mining company, owned by billionaire Konstantin Strukov, to the state, upholding a lawsuit filed by the Prosecutor General’s Office.

Source: Dmytro Malbin, lawyer representing Yuzhuralzoloto, as reported by The Moscow Times

Details: Strukov, also the deputy speaker of the Chelyabinsk Regional Legislative Assembly, holds a 67.8% stake in Yuzhuralzoloto. Another 22% is owned by a Gazprombank-affiliated management company, which acquired the stake at the end of 2024, with 10.2% in free circulation.

The confiscation involves assets worth approximately RUB 200 billion (about US$2,5 billion). The court alleges that Strukov gained control of the company through his position in state authorities.

This case marks another in a series of private asset seizures by the Russian state since 2022 and is the first of its kind in the country’s gold mining industry in recent years.

Russian law enforcement agencies have seized assets worth RUB 3.9 trillion (US$50 billion) for the state in recent years.

The nationalisation of Yuzhuralzoloto, one of Russia’s ten largest gold mining companies, will add approximately US$1 billion to this total.

Background: In early July, the Russian Prosecutor General’s Office filed a lawsuit with the Sovetsky District Court in Chelyabinsk to transfer assets linked to Konstantin Strukov, the primary owner of Yuzhuralzoloto, to state ownership.

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