A Mongabay investigation traces the rise and fall of a billion-dollar agribusiness cartel in Eastern Europe, finding it relied on money laundering, tax avoidance and state capture.

While the Law on how to sell and buy agricultural land prohibits foreigners from buying land in Moldova, then the Land Code does not provide such restrictions.

Trans-Oil, Moldova’s largest agribusiness company, will take over the local company Racova, active in agriculture and food industry, in a transaction estimated at over USD 100 million, which should be completed by December.

"I understand Moldova has a favourable climate and good farmland, which Qatar’s Hassad Food could possibly look at for opportunities," says Qatar's Deputy Premier

"As more investors look into the opportunities that developed nations present there will be no need to go underground or be ashamed of these deals," said Hakan Agro's Tomar.

The fund is in the process of leasing 50,000 hectares of land in Tanzania which will be complete by the end of this year and will mainly be for rice production.

A private sector fund worth $350 million plans to launch by the end of the year in the Gulf, with the aim of acquiring farmland in Romania, Moldova and Tanzania

What started as a government drive to secure cheap food resource has now become a viable business model and many Gulf companies are venturing into agricultural investments to diversify their portfolios.