Yurevich's 15 Nationalized Companies Change Owner Again
The Closed Combined Unit Investment Fund (ZPIF) «RSKhB AgroM» has become the sole shareholder of JSC «Pervy Khlebokombinat», JSC «Smak» (a bread-making plant in Yekaterinburg), Management Company «M-Group» (the organization managing JSC «Makfa»), «Mishkinsky Produkt», «Arktika-Service» and another ten assets seized from the family of Mikhail Yurevich in 2024. The information was updated in the Unified State Register of Legal Entities (EGRYuL) and counterparty verification services in mid-January 2026. We explain where the fund came from and ask lawyers what is behind this reshuffle.
Who Changed the Founder
As of 16 January 2026, JSC «Pervy Khlebokombinat», and as of 24 January – JSC «Smak» came under the full control of ZPIF «RSKhB AgroM». Previously, the founder was listed as the Russian Federation. The fund is managed by LLC «RSKhB Asset Management» – a structure of Rosselkhozbank (Russian Agricultural Bank).
A new founder appeared for Management Company «AgroMakfa» – from the end of December 2025, for the companies «Emitter Consulting», «Mishkinsky Produkt», «Mishkinsky KHP», «Temp Interservice», «Prostory», and «Arkom» – from 15 January 2026, and for Management Company «M-Group», JSC «Novaya Pyatiletka», «Temp Avtotekh», «Arktika Service», «Express-Cargo», and «Ramkon» – from 16 January 2026.
The described changes [with the founders of nationalized assets] are a classic example of «packaging» assets for their subsequent management or, more likely, sale to a strategic investor, experts indicated.
Is the Fund State-Owned?
According to experts, the transfer of companies from direct state structures (the Russian Federation, Rosimushchestvo) and LLC «Kapital» (a structure of RSKhB) to the ZKPIF «RSKhB AgroM» means the assets are being consolidated in a single «portfolio» under the management of a professional management company.
A ZPIF (closed-end unit investment fund) is a form of collective investment where investors« money is pooled under a professional management company for investment in various assets.
«A closed combined unit investment fund is not a legal entity or a »state structure« in the usual sense. It is a property complex (a separate »bag« of assets) transferred into trust management. Formally, in the registers, the owner will be listed as the management company (likely a structure of the RSKhB group), acting in the interests of the unit holders,» explained Artem Denisov, Managing Partner of the «Genesis» Law Firm. «Is this fund state-owned? If the sole unit holder of the fund is Rosselkhozbank (100% state-owned), then de facto the assets remain under indirect state control. However, the legal form of ownership has changed from direct to indirect (through the fund).»
Ordinary citizens naturally wonder: why is this being done? According to experts, transferring to a ZKPIF solves three key tasks typical for working with non-core or nationalized assets.
«Firstly, pre-sale preparation (M&A) – selling fund units is much easier and faster than selling shares in numerous JSCs and stakes in LLCs (»Pervy Khlebokombinat«, »Smak«, »Management Company M-Group«, and others). A transaction with units does not require cumbersome approvals, re-registration of each object, and often allows bypassing some bureaucratic procedures mandatory for direct sale of state property,» explained Artem Denisov. «Secondly, confidentiality is maintained (sanctions protection). The register of unit holders of a ZKPIF is closed to public access. In the EGRYuL, only the management company is visible. This allows hiding the ultimate beneficiary (future buyer or current holder) from sanctions risks and excessive media attention.»
And finally, the fund will help consolidate management, the expert added. The disparate assets of «Makfa» (bread factories, service companies, management structures) are being gathered in one hand. This simplifies financial flows: the profit of all enterprises is accumulated in the fund and can be distributed or reinvested centrally, without a complex chain of dividend payments.
«A ZPIF is a fairly effective mechanism for packaging assets and attracting an investor, which has come to replace classic offshore structures, where information about its beneficiaries, as well as their change, will no longer be in the public domain,» added Yuriy Pustovit, Managing Partner of the «Yug» Law Firm. «The property of a ZPIF is also quite effectively protected from the obligations of the unit holder, and there are a number of tax preferences. This will allow attracting several investors to a single asset when selling it entirely is difficult.»
The change of owner of the nationalized companies to ZKPIF «RSKhB AgroM» indicates that the stage of direct seizure by the state is complete, emphasized Artem Denisov.
«The assets have been transferred to a market circuit under the auspices of a state bank (RSKhB) for »cleansing«, packaging and, with a high degree of probability, subsequent transfer to a new private owner through the sale of fund units,» the expert summarized.
Recall that after the nationalization of Russia«s largest pasta manufacturer »Makfa« and other assets of former Chelyabinsk region governor Mikhail Yurevich, the founder of all these companies became the Russian Federation. At that time, the managing organization was appointed as LLC »RSKhB-Finans« – a »daughter« of Rosselkhozbank.
Previously, the editorial office of 74.RU sent an inquiry to «RSKhB-Finans» asking to comment on why the nationalized assets were transferred to LLC «Kapital», whether tenders were held, whether «Kapital» would remain the ultimate owner of the seized assets, or if this is just the first step towards their sale. «RSKhB-Finans» left our inquiry without comment.
All about the Yurevich and «Makfa» case – in the special section of 74.RU.
