Agroprodukt's Factories Remain Dormant, $16.6 Million Transferred to Russia

What's Happening with Agroprodukt

DairyNews.today has been following this story since 2023, when the group first placed its factories for sale. The Stolichny factory in Astana, known for producing Odari curd, was auctioned with a starting price of 683 million tenge due to a lack of working capital, according to the trading agent. No bids were made for the Coppa Italia ice cream factory in Kaskelen.

The group's debts were then estimated at approximately 15 billion tenge. Courts mandated a payment of 564 million tenge to partners just for the Solnechny dairy plant in Almaty. The group's CEO, Vera Pashevina, did not respond to calls from the editorial office at the time.

At the end of 2025, the group found hope. KazAgroCapital, an investment holding specializing in problematic assets, signed options for all group entities, totaling 14, with a term until December 31, 2026. The agreement covered five production-logistics complexes in Astana, Almaty, Almaty Region, Petropavl, and Kokshetau. The plan was to first clear debts for each company and then gradually restore production. The project, according to the holding, was supported by the national company KAZAKH INVEST. Pashevina confirmed the deal but complained that 'the signed agreements bound our hands completely.'

The deal soon turned into a series of disputes that DairyNews.today reported on in the summer of 2026. New owners claimed they were not given accounts, the 1C database, some property, and legal documents. The tax debt of one factory, initially shown as around 10 million tenge in state systems, rose to over 500 million according to a report from the chief accountant. The same report estimated the entire group's tax obligations at around 2 billion tenge.

Shortly before the change of ownership, the equipment of the Kokshetau plant 'Belogorye' was transferred to the group's distributor, Milko Trade, for 78.6 million tenge, according to an electronic invoice initially issued for 64 wooden pallets. The then-director of the plant, Polina Solovyova, issued the corrected invoice. No payment was received, according to KazAgroCapital. Solovyova later contested the factory sale, claiming it was worth more than 2.5 billion tenge based on an appraiser's report. This report valued just six pieces of equipment she had transferred to Milko Trade at 1.35 billion tenge. The court of first instance invalidated the transaction, and KazAgroCapital appealed. An investigation was launched against the investor after a complaint by the former owner of 'Belogorye' alleging fraud. The case was closed in September due to lack of evidence, yet on October 12, KazAgroCapital's CEO Artem Kretsu was refused entry into Kazakhstan.

Thus, the scenario unfolds where enterprises built on state loans and subsidies do not operate. According to former employees, funds vanished from circulation, often beyond national borders. Those who previously managed the assets obstruct their recovery. To understand how things reached this point, the editorial team sought to reconstruct the group's management structure.

About Sources

All former Agroprodukt employees we spoke to requested anonymity. They fear repercussions as some have already faced criminal charges. Even long-departed individuals speak cautiously about the former leader. All conversations were recorded.

'She is not formally listed anywhere'

Evgeny Shapkin founded Agroprodukt in the 1990s, starting small-scale production in a former kindergarten on Gaydara street in Almaty. The group evolved into a market leader with brands like Lyubimoye, Zorkin Meadow, Odari, Mumuya, the Coppa Italia ice cream, and the ABCDeyka cheese curds. Its flagship factory was in Petropavl, inaugurated by the president himself.

Shapkin eventually stepped back from operations and relocated to Europe. According to sources, he hasn't been seen in Kazakhstan since the late 2010s. He left management with Vera Pashevina, a technologist who came to Almaty as a young specialist from Barnaul.

Currently, her name seems absent from company documents. A former employee, who worked at one of the plants from 2022 to 2025, describes it like this:

'She's not listed anywhere. Not as the director... All those companies existing in this unclear (framework), her name doesn't show up anywhere.'

Sources suggest Pashevina operates under a power of attorney from Shapkin. In banks, when asked about the owner, she identified herself as 'his representative.' The general director of one key plant was said to be 'merely a signatory.'

Decisions and legal responsibility often lay with formal directors. A former top manager explained why he declined an operational role:

'I didn't need anything else because I knew they could forge signatures and do otherwise.'

A Professional Who Stopped Developing

Pashevina's professionalism is acknowledged even by her critics. A former milk powder supplier praised her expertise in DairyNews.today in 2023, calling her a 'professional dairyman' who understood technology better than current plant directors. A former branch director, who worked until 2022, concurs:

'I consider her professional. She fully understands technology, numbers, and market information, and I can only give her due credit.'

According to him, development occurred in the initial years: equipment was purchased, a line for children’s therapeutic food was launched, and natural milk from farms was collected at the plants. 'Then suddenly, it all just stopped,' he recalls. Salary delays became regular in recent years. The raw material policy was simplified to mere volume and reduced cost.

A former site manager, who worked closely with Pashevina for many years, identifies the turning point as being between 2020 and 2021. Regarding the main cause, she simply states: 'Money withdrawal.'

'They never put money into circulation, we were literally crying because we needed to work, and debts to suppliers were growing. Although they received good loans and state support, all funds were withdrawn.'

A former top manager in 2023 identified the issue as being 'the decisions and, consequently, the mistakes of one person.'

'Some Sort of Soviet Union'

Former employees primarily describe the atmosphere. A former employee recalls joining the group in 2022:

'I felt like I landed in another world. Some sort of Soviet Union.'

Why do people stay? According to her, high salaries are not part of the picture there:

'People there are like zombies... It's not about trust anymore, but fear; realizing it's hopeless.'

Disagreements, according to sources, usually end the same way. A former legal department employee openly disagreed with Pashevina over selling mortgaged property and was thereafter 'blacklisted.'

A former branch director reported embezzlement, but when staff opposed him, 'Vera Vasilyevna took their side.' He was transferred to another role.

'She made arbitrary decisions without reason. When something bothered her, she could easily push people aside for any, or no, reason.'

A former top manager who worked in the group says he was 'expelled' after he doubted that the company’s successes belonged to Pashevina. According to the former site manager, after four group leaders testified against Pashevina, she 'removed them all in one day.'

The Buyers Who Walked Away

Attempts to sell the factories began long before KazAgroCapital arrived. The former site manager believes Pashevina planned to sell all assets and leave Kazakhstan, yet the events of January 2022 and the war thwarted her plans.

Some public figures were known. By 2023, Stolichny factory was put up for auction with an asking price of 683 million tenge. The Coppa Italia factory was listed for 690 million tenge, but no bids were made by May 18, 2023.

The last confirmed offer for it was 2.2 billion tenge, around $5 million. A market participant estimated this factory at $0.5–1 million due to debts of roughly $5 million. The group’s former top manager valued the factory at about $300,000 at the time.

Private negotiations fell through for similar reasons, according to sources. A former legal department employee who attended meetings with banks and creditors said:

'Many offers were made to her, naming certain amounts, but she quoted some cosmic price. Eventually, everyone came and went, came and went, and that's it.'

The former site manager named a brewing business from Shymkent as one such potential buyer, but according to her, Pashevina 'didn’t let it happen.' She explained the seller’s logic:'There are numerous debts, and it seems the problem is that she wants the debts transferred to the buyer while being paid for it.'

The same logic is evident in the dealings with KazAgroCapital. A share in 'Belogorye' was sold to the investor for a symbolic 50,000 tenge because the debts would be transferred along with it. When the investor started settling liabilities, the previous owner demanded the factory’s return, valuing it at over 2.5 billion tenge. In April 2026, during a meeting involving Pashevina, the investor was offered to buy an operation line for $400,000. Four months earlier, this line was sold at a Russian auction for 1.5 million rubles (details below).

'It's like that movie: "If I can't have it, then no one will!" ...She will likely cling to it until her last breath.'— said a former employee of the group

How Money Left

Statements by sources about the drainage of funds are verified in different ways. Below is what has been documented or confirmed independently by multiple people.

Transport at Double Rates

Former employees describe one scheme: transport within the group was handled by vehicles associated with Pashevina's son at rates significantly above the market.

'Ordinary people between Petropavl and Almaty in 2020-2021 would pay 300,000 tenge. Her vehicle—700. And we reimbursed their diesel fuel.' — noted a former production site manager

A former top manager of the group confirms: transport tariffs within the group were 'the highest in Kazakhstan.' Publicly available data show MilkoLogistics LLP is registered to Dmitry Pashevina at the same address as the Solnechny milk factory in Almaty.

$16.6 Million to Russia

The most well-documented part of the story involves Russia. In 2009, in Ust-Labinsk, Krasnodar Krai, 'Traditsiya' LLC was registered. It was owned by the Cyprus-registered STEFFORD ENTERPRISES LIMITED. Traditsiya leased a dairy factory from the 'Nadezhda' plant. The project with a budget of 1 billion rubles aimed to make it one of the largest in southern Russia, yet utilization reportedly never surpassed 20%, according to Kommersant. Traditsiya was declared bankrupt in 2017.

The bankruptcy case materials (No. A32-37178/2016) reveal the source of the funds. According to bank statements investigated by the court, between 2010-2013, Kazakhstan-based Agroprodukt Aziya's (TOO A.P. Milland) transferred $16,567,630.96 USD to Traditsiya. 'A.P. Milland' loaned an additional 400 million rubles during 2014-2015. The interest on the dollar loan was reduced from 15% to 0.1% annually, later transferring the debts to Almaty's 'Irida Service' LLP, making them interest-free.

The Pyatnadtsatyy arbitration appeal court in 2019 determined that the loans were 'camouflaged capitalization' of Traditsiya by the end owner of the group of companies associated with the Agroprodukt holding. The money did not return to Kazakhstan. The Russian factory’s production was sold by the group’s trade house, which still owed 505 million rubles to Traditsiya and had been liquidated.

According to a list of Nadezhda’s affiliated parties in 2009, which the court cited, Evgeny Shapkin and Vera Pashevina were board members of the company.

A former top manager of the group doesn't view it as an outward siphon:

'No one withdrew funds. It was just credit money: some taken for Kazakhstan was used for developing the Krasnodar platform.'

Loans and State Support

A former site manager asserts the group's factories were built with public, not private, funds. She refers to cheap loans under Damu programs, financing from Bank RBK and the Development Bank of Kazakhstan, special investment contracts, and a free warehouse regime. According to her, Pashevina handled the borrowing. In court, Molprodukt’s bank documents alone featured loans amounting to roughly 7 billion tenge. A former senior company employee adds that the Damu fund, which subsidized the interest rate, later demanded repayments due to unfulfilled mutual conditions.

She recalls a bank meeting. When Pashevina once again broached restructuring, the bank representative, according to her, replied: 'Listen, let's be real. We know exactly where all your money went. We’ve seen where you sent it.'

However, during her time from 2022-2025, she claims not to have seen asset drainage as 'I didn't have access.' Over that period, the group paid off debts of approximately 2-2.5 billion tenge, she estimates. She states payments stopped after she and the financial team left.

Two sources familiar with procurement claim that high kickbacks were demanded from raw material and packaging suppliers, up to 20-30% of supply amounts. The editorial office lacks documentation to verify this.

Porokhins, Cyprus, and a Production Line Sold Four Times

The Cypriot STEFFORD, the former owner of Traditsiya, now belongs to Olga Porokhina, a Kazakhstani citizen. According to Cypriot registry documents, in January 2020, the shares transferred to her from the British Virgin Islands’ VERISON FINANCE. Porokhina is also the ultimate beneficiary of Ukraine's Velikoburlukskyi cheese factory, which produced milk under the Odari brand.

The Porokhins have appeared in Agroprodukt’s history over 17 years. In 2015, Alexey and Olga Porokhins’ TOO Octybryna became the major shareholder in Nadezhda, on whose board Pashevina served. It was Irida Service LLP, founded by Alexey Porokhin, which received Traditsiya’s debts to the group’s Kazakhstani company in 2015. In the internal group debt registry for October 2025, which the editorial reviewed, Porokhin’s TOO Neokond and STEFFORD are listed as creditors of the Kokshetau ‘Moloko Sinegorya’ plant. STEFFORD is recorded for 365.5 million tenge, comprising over 60% of its creditor debt.

Yet, the audited 2020 and 2021 financial statements signed by Porokhina do not show claims against Kazakhstani companies. The company's assets amounted to $9,280 at the end of 2021.

Another story involves INDEX-6, the Bulgarian filling line. Twice, a Russian court ordered the Kokshetau baby food plant, connected to the group, to return it to Traditsiya’s bankruptcy estate, labeling the transaction parties as 'affiliated organizations controlled by the same individuals.' In December 2025, the line was sold at a Russian auction for 1.5 million rubles. In April 2026, based on the protocol of a meeting involving Pashevina, the investor was offered to buy this line from 'the owner's representative' Alexey Porokhin for $400,000, then for $300,000 'plus a money transfer fee.'

The Owner Who Left

Sources assess Shapkin's role variably. KazAgroCapital CEO Artem Kretsu explains that Shapkin 'washed his hands' and tells all inquiries that Pashevina decides everything. A former top manager familiar with the situation says he twice prepared projects from scratch for Agroprodukt over five to seven years, when Shapkin was poised to replace Pashevina. But a replacement never happened. A former senior employee of one of the group’s plants, when asked if Shapkin received anything from the business, affirmed: 'Of course, he got his cut.'

A former employee of the company admits not understanding this part of the story:

'Such a large asset, the largest producer in Kazakhstan, and he let it slip as the owner.'

Formally, Shapkin appears, according to sources, as a founder of two group companies: the Stolichny dairy plant in Astana and the Kokshetau baby food plant.

Case Closed, Border Still Shut

On July 3, 2026, while the Belogorye dispute was ongoing in economic court, Polina Solovyova filed a fraud complaint against KazAgroCapital CEO Artem Kretsu with the Auezovsky District Police Department in Almaty. Information was entered into the Unified Register of Pre-Trial Investigations (No. 267540031000654) for fraud (Part 2, Art. 190 of the Criminal Code of the Republic of Kazakhstan). The editorial reviewed the decision relating to this case.

Solovyova evaluated the value of Belogorye’s property complex at over 2.5 billion tenge. During the investigation, former Agro produkt director B. Ashimbayeva, former Agro produkt lawyer S. Emelyanova, and Vera Pashevina were questioned.

On September 21, 2026, the investigator closed the case due to lack of evidence (Clause 2, Part 1, Art. 35 of the Criminal Procedure Code of the Republic of Kazakhstan). On October 1, the decision was upheld by the Auezovsky District Prosecutor’s Office. The decision states: No evidence was obtained that Kretsu A. R. provided deliberately false information, concealed legally significant circumstances, or otherwise misled Solovyova P. N. about the subject of the deal during the agreement.

The investigation clearly stated that a discrepancy in share price versus presumed market value does not constitute theft. Solovyova’s claims of a valuation exceeding 2.5 billion tenge reflect her property assessment and don’t replace fraud evidence. All questions about transaction validity should be 'resolved through civil proceedings,' the investigator concluded.

However, on October 12, 2026, just 11 days after the decision was confirmed, Kretsu was denied entry at the Almaty airport. He was handed a KNB border service notice of non-admittance over the state line. The notice cited an assignment from the same Auezovsky District Police Department. The editorial has a copy of the notice.

An attempted criminal case against me was solely to apply pressure. Launched unlawfully: technically unauthorized. Despite securing its closure, they continue to ban my entrance and exit from the Republic of Kazakhstan—equally unlawful.— states Artem Kretsu

Kazakhstan's regulations limit the initiation of criminal cases on already adjudicated disputes. These norms are contained in the rules for accepting and registering reports of criminal offenses (General Prosecutor's Order of September 19, 2014, No. 89) and the general prosecutor's instruction of September 2022 against 'criminalizing civil relationships.' In this case, the investigation arrived at the same opinion. Why the entry ban wasn’t lifted post-case closure remains unclear.

Options for the group's remaining enterprises, according to KazAgroCapital's stance, remain valid.

The Investigator-Turned-Defender

In August 2022, the Medeuskiy rayonnyy sud No. 2 in Almaty passed judgment in a case concerning the embezzlement of 423 million tenge from state agricultural complex support subsidies. According to Almaty's anticorruption service, the former head of the urban agriculture and veterinary management, two subordinates, and the director of Molprodukt—one of Agroprodukt's key companies—were found guilty. The officials received seven-year prison terms, while the Molprodukt director received a suspended seven-year term, prohibiting him from holding leadership roles within commercial entities.

Vera Pashevina, cited by all our interlocutors as making key group decisions, was not among the sentenced.

A source familiar with the case details states financial matters, including subsidies, were overseen by the head management company. Formal leaders were reportedly told: 'That's not your concern.' The sources claim both the financial director and Pashevina were informed about the subsidies. They also claim the investigator from the anti-corruption service, who handled the case, now works as a lawyer representing Pashevina in her dispute with KazAgroCapital.

Current Situation

A former senior company employee describes the technical condition of the factories as follows: since 2020-2021, they have not undergone normal maintenance and are 'barely held together,' with 'roofs falling off.'

Recovery, in her view, will only be possible for a very large investor: 'It will require billions.'

According to her, remaining staff await an owner change and do not understand Pashevina's actions.

An outstanding episode involves Belogorye’s equipment. Asserting her claim to the factory, Solovyova produced appraiser reports, evaluating Belogorye’s assets at over 2.5 billion tenge. According to one of those reports—an August 2025 equipment valuation ordered by the factory for collateral during Solovyova’s leadership—six items later registered to Milko Trade were valued at 1.35 billion tenge.

One item, the SIAPI line, was evaluated at 84.8 million tenge in September 2025, when collateralized for Solnechny’s tax deferral. Together, this exceeds 1.4 billion tenge. On February 3, 2026—post-option signing and on the share sale contract date—the electronic invoice for the pallets was reorganized to nine items of this equipment for 78.6 million tenge to Milko Trade LLP, without a stipulation.

The final corrected invoice dated February 9 was issued by Solovyova herself—her name is listed in the invoice issuer field. An audit commission orchestrated at KazAgroCapital’s request found no payments sent to Belogorye’s accounts. 'Solovyova values the factory at 2.5 billion underpinned by a report claiming this equipment alone is worth 1.35 billion. Yet the same equipment was removed from the company under an adjusted invoice for 78.6 million, which Milko Trade didn’t pay,'says Artem Kretsu.

Kompra.kz data lists Svetlana Emelyanova as Milko Trade's founder. The investigation’s resolution in Solovyova’s case identifies S.A. Emelyanova as a former legal adviser for Agro produkt LLP. Emelyanova appealed to the economic court, seeking Milko Trade’s option contract with KazAgroCapital annulment.

Previously, she stated that “Belogorye” wasn’t the equipment’s owner because of a lack of payment, contradicting written records: both the equipment appraisal and the collateral contract name 'Belogorye' as the asset’s owner. Collateral was only released from the SIAPI line on May 25, 2026.

Pashevina herself lost in an appeal against returning 100% of Solnechny to Tatyana Danilova, named by sources as her former aide. According to Orda.kz, Milko i M, a company with the same leadership, and founders as Milko Trade, is registered at Solnechny's address, just like MilkoLogistics.

A former company employee hopes that publicity will change the situation: the article should 'spur authorities to focus on this.'

In June 2026, Pashevina told Orda.kz she was feeling unwell and would respond later. A response never came.

The editorial will continue monitoring the legal proceedings surrounding Agroprodukt's assets.