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Russian tycoon Magomedov arrested on embezzlement charges

Published: April 1, 2018
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Source: Reuters

MOSCOW (Reuters) - Russian authorities on Saturday arrested billionaire Ziyavudin Magomedov on charges of embezzling more than $35 million, in one of the highest-profile prosecutions of a Russian tycoon in years.

Magomedov denied the charges at a pre-trial hearing, where a judge ordered that he be held in custody until May 30.

One of Russia’s richest men, the 49-year-old Magomedov holds assets in construction and logistics through his sprawling Summa Group. He also has investments in U.S. tech ventures, including the Virgin One Hyperloop project.

He was detained along with his business partner and brother, Magomed Magomedov, and Artur Maksidov, the head of a company in the Summa Group that was involved in the construction of a soccer World Cup venue in the Russian exclave of Kaliningrad.

Both businessmen will also be held in custody until May 30, the court ruled.

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