Tugushev was fired three years ago because he was “complicating” the company’s growth, Orlov said. Tugushev confirmed his “unexpected” dismissal and said in the interview he was an equal partner in the business. Orlov, who filed a complaint to police in August claiming 33 percent of Norebo was being extorted by “unidentified persons,” said Tugushev’s ownership claim is limited to one of the companies that were acquired during Norebo’s expansion.
House Arrest
Last month, the former fisheries official, who had re-joined Norebo in 2009 after serving a prison sentence for bribery, was placed under house arrest and charged with extortion regarding his ownership claims, according to a report from TASS, the government-owned news agency.
Tugushev declined to discuss his previous legal troubles, and hasn’t responded to requests for further comment since his arrest on Dec. 30. Darya Konstantinova, an attorney for Tugushev, said in a Jan. 24 message that the dispute is the result of a "conflict between business partners."
Roth, who didn’t reply to e-mailed requests seeking comment, sold his 33 percent stake of Norebo to Orlov last May for an undisclosed sum.
Norebo has spent about $600 million in the past decade to expand its fleet and its reach, Orlov said, adding that he thinks its true value is “much more moderate” than $1 billion. He cites “country risks” as the reason, most notably a lack of clarity about a new quota system the government is preparing to introduce favoring companies that order trawlers from Russian shipyards, a potential boon for newer, smaller businesses.
“I never imagined I could create such a huge company,” the former Soviet Army conscript said. “Now we want to be where the end-users are -- retail chains, food services. We see potential here.”
This article was provided by Bloomberg News.