The Russian government plans to strip billionaire Andrey Melnichenko of his shares in Siberian Energy Company

The Russian government plans to strip the country’s richest billionaire, Andrey Melnichenko, of his shares in Siberian Energy Company (Sibeco), according to a suit filed against him by the Russian Prosecutor General's Office on Aug. 17.

A preliminary court hearing is scheduled to be held on Sept. 7, Russian media outlet RBK news reported.

The Khakassia Service and Repair Company (KSRC) and the Kuzbass Energy and Electrification Joint Stock Company are also being sued alongside Melnichenko in the same case.

The Prosecutor General's Office said that it is investigating the sale of energy assets purchased from entities linked to former Minister for Open Government Affairs, Mikhail Abyzov.

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As part of the case, the office said it is seeking the recovery of Melnichenko’s shares in Sibeco, acquired in 2018 for RUB 32.51 billion ($350 million) through the billionaire's controlled Kuzbass Energy company and KSRC.

Russian oligarchs have largely recovered from the impact of Western sanctions and increased their wealth in the past year by $152 billion, mostly thanks to high energy prices, according to reports in Forbes Russia.

Read also: European companies in Russia lose €100 billion since the start of war – FT

According to Ukraine’s National Agency on Corruption Prevention, Melnichenko is sanctioned by the EU, the U.S., the UK, Canada, Australia, Japan, and Switzerland.

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