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Key Takeaways
- An arbitration court awarded an En+ affiliate 954.4 million rubles (approx. $11.9 million) over an undelivered equipment contract.
- Runets was already under house arrest from a separate January tax case.
- Controlling shareholder Fox Group entered bankruptcy observation in January.
The detention marks an escalation for one of the most prominent figures in Russian industrial mining, and it converts what had been a commercial collapse into a criminal matter. Whether the two are the same story is the open question.
The Contract That Started It
According to court details reported by Kommersant, Infrastructure of Siberia, a subsidiary of energy and metals group En+, prepaid Fox Group for mining equipment and said the hardware never arrived. The company terminated the agreement and demanded its advance back with penalties.
An arbitration court awarded the En+ affili...
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