The Russian government has attempted to take over a gold-mining firm that is owned by a millionaire who was accused of violating a rule which prohibits public officials engaging in entrepreneurial activities.
State-owned Tass reported that the Russian Prosecutor General’s Office filed a suit to seize shares in Konstantin Strukov’s Yuzhuralzoloto gold mining company.
Strukov acquired the company through bankruptcy. He has served as a member of the Legislative Assembly of Chelyabinsk for over 25 years and is also deputy chairperson of the Legislative Assembly. Between 1997 and 2001, he was the CEO of the company before becoming chairman of the directors.
In its lawsuit, the government claims that Strukov broke a rule prohibiting all public servants from conducting business.
Before taking office, politicians must also sell their shares or securities.
Tass reports that Yuzhuralzoloto is producing over 450,000 gold ounces per year. This amounts to $1.505 billion, with an annual profit of $432.43 millions.
Strukov and his family bought houses, yachts, and luxury goods in Montenegro and elsewhere, including Belgium, Switzerland and Luxembourg.
The Russian Government is asking that Strukov’s daughter and 100% ownership in the company should be transferred to state.
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The report may change as new information becomes available.
