Record theft of grain revealed in state-controlled United Grain Company

Record theft of grain revealed in state-controlled United Grain Company

Almost half of the company's shares belong to the Magomedov’s Summa group of companies.

JSC United Grain Company (OZK) reported about the theft of grain in an unprecedented amount at the JSC Orlovskaya Grain Base No. 36. The crime was revealed during an internal audit in cooperation with law enforcement agencies and supervisory authorities. The ICR’s Investigative Directorate for the city of Oryol initiated a criminal case of embezzlement on a particularly large scale (clause “b” of part 4 of Article 158 CCRF).

“The fact of the theft of grain from the federal intervention fund was established in an unprecedented amount of 19,035 tons worth 202,284,000 rubles ($ 3 million),” the OZK told.

The controlling stake in OZK belongs to the state, 50 minus one share is owned by Ziyavudin Magomedov’s Summa group of companies. The latter is under arrest on charges of organizing a criminal community and embezzling 2.5 billion rubles ($ 37,5 million).

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