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Russian Businessman Yury Antipov Questioned Over Fraud Case Linked to Alleged Illegal Privatization

Russian businessman Yury Antipov underwent police questioning on Monday in connection with a fraud case linked to the alleged illegal privatization of metals assets, as reported by Interfax and RIA news agencies, citing unnamed sources.

Earlier, TASS had reported Antipov’s detention on fraud charges. Reuters was unable to immediately verify these reports, and a company associated with Antipov did not respond to emailed requests for comment, with Antipov himself unreachable.

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This development follows reports from Russian news agencies about a regional arbitration court ruling in Sverdlovsk favoring prosecutors seeking to nationalize three assets significant to the defense industry, purportedly illegally privatized in the 1990s.

Prosecutors aimed to transfer 100% ownership of a Chelyabinsk-based company called Etalon’s shares in three plants – the Chelyabinsk Electrometallurgical Plant (ChEMK), the Serov Ferroalloy Plant, and Kuznetsk Ferroalloys – to state control.

Interfax reported that the lawsuit, conducted in closed sessions, targeted Etalon and its shareholders, including Antipov, identified as the founder of the ChEMK group, and his wife, Lyudmila.

Forbes ranks Antipov 170th among Russia’s wealthiest businesspeople, with a fortune estimated at $700 million as of 2021.

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