Billionaire Magomedov arrested in Russia
On Saturday, March 31, the Tverskoy District Court of Moscow arrested Ziyavudin Magomedov, billionaire and owner of the Summa Group, Mediazona reports.
Magomedov was detained together with his brother Magomed Magomedov, President of the Night Hockey League, and Artur Maksidor, the General Director of Intex Group (part of the Summa Group). The three men were arrested in connection to a case concerning embezzlement of more than 2 billion rubles (about $35 million) from the company budget.
Forbes estimates the wealth of Magomedov to be around $1.4 billion. According to the online newspaper Meduza, Magomedov also owns a wide variety of assets ranging from the Novorossiysk Commercial Sea Port (through which a significant portion of Russian oil is sent for export) to the United Grain Company and the Yakut Fuel and Energy Company. Additionally, Magomedov owns part of a venture fund invested in the Hyperloop One high-speed railway project.
Magomedov’s wealth increased drastically during the presidency of Dmitry Medvedev.
In 2014, billionaire Vladimir Yevtushenkov was arrested in Russia. He was released after his oil company Bashneft was seized from him.