Russian court designates Amber Latvijas balzams owner Shefler 'extremist', seizes his assets

MOSCOW - A Russian court on Wednesday declared billionaire Yuri Shefler, owner of alcoholic beverages company Amber Latvijas balzams, and his companies an "extremist association" and ordered confiscation Shefler's assets in Russia.

Tambov District Court in Tambov Oblast fully granted the Prosecutor General Office's request to label Shefler extremist and confiscate his assets because his companies have been making donations to Ukrainian Armed Forces' assistance fund, the court's press office informed. 

The Russian Prosecutor General Office had filed a lawsuit against Shefler and his Luxembourg-registered companies Amber Beverage Group Holding and Stoli Group. The Prosecutor General's Office requested the transfer to the state some of the businessman's Russia-based assets - shares in Amber Talvis distillery in Tambov Oblast and SPI-RVVK in Kaliningrad, as well as a stake in RVVK.

Amber Latvijas Balzams is a member of alcohol producer and wholesaler Amber Beverage Group, which is headquartered in Luxembourg and operates through its production and distribution companies in Russia, Mexico, the UK, Australia, Austria and the Baltic states. Amber Beverage Group belongs to billionaire Yuri Shefler.

The company was registered in 1991 and has a share capital of EUR 10,495,660. The company is listed on Nasdaq Riga Secondary List.