WILMAR INTERNATIONAL: Russian Court Orders Seizure of Its Indirectly Held 24% Interest in JSC Etalon

NewTimeSpace News: On May 8, 2026, Wilmar International announced that a Russian court on May 5, 2026, ordered the seizure of Vadim Moshkovich's interest in Rusagro, following findings of alleged anti-corruption law violations by Moshkovich for activities prior to 2023. Moshkovich has denied the charges. The seizure includes a 24% interest in JSC Etalon held by Profit, which is indirectly owned by Wilmar International.

According to the announcement, the seizure order appears to have been made by the court on the basis that Profit is beneficially owned or controlled solely by the Rusagro Group. Wilmar International stated that this determination is incorrect.

The announcement revealed that Profit is 100% owned by Sethal Holdings Limited, a Cyprus-incorporated company. In June 2023, Wilmar International's interest in Sethal was diluted to 50% following the acquisition of 50% of Sethal by Ros Agro China Limited. In 2024, Wilmar International entered into an agreement with RACL, granting Wilmar an option to acquire the remaining 50% economic interest in Sethal and the right to appoint all of its directors.

Wilmar International's carrying value of its investment in the Profit Group is USD310.9 million, with the initial investment  at USD50.6 million. The Company stated that as the matters giving rise to the seizure occurred prior to the above transactions and are unrelated to Wilmar, it intends to file an appeal against the seizure order.

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