Russia Detains Tycoon Magomedov Over Suspected Fraud
- Magomedov became billionaire under former President Medvedev
- He’s accused of organizing group that stole 2.5 billion rubles
Ziyavudin Magomedov
Photographer: Tsafrir Abayov/AP Photo
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Russia arrested Summa Group co-owner Ziyavudin Magomedov, who has been in talks to sell his stake in a key port, as part of case into suspected embezzlement of state funds for infrastructure and energy projects.
Moscow’s Tverskoy District Court ordered Magomedov to be held for two months and declined his request to post as bail the 2.5 billion-ruble ($44 million) sum he is accused of stealing, Interfax reported. He was detained earlier, along with his brother Magomed Magomedov and Artur Maksidov, an executive at a Summa Group unit.