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Shares of Summa seized by Moscow court as part of embezzlement case

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14:59 14/06/2018

MOSCOW, June 14 (RAPSI) – The Preobrazhensky District Court of Moscow has seized shares of Summa Group owned by Ziyavudin Magomedov, a defendant in a criminal case over fraud and embezzlement on an especially large scale, the press-service of the court has told RAPSI.

The court ruled on the matter in April. Today, the Moscow City Court will review an appeal against this decision.

On June 9, the Tverskoy District Court of Moscow seized property of Summa Group owner Ziyavudin Magomedov and his brother Magomed Magomedov as part of the 2.5-billion-ruble embezzlement case ($43.5 million).

Overall, the seized property includes four cars, two apartments, shares in several companies and money located at bank accounts. It was noted that there were 28 court orders on the matter with 14 of them already being appealed.
Earlier, the court extended detention for the businessmen and other defendant in the case, ex- CEO of Intex construction company Arthur Maksidov, until August 5.

The Investigative Committee reported that Ziyavudin Magomedov was charged with large scale embezzlement and organization of a criminal gang, his brother Magomed was charged with illegal purchase, delivery, sale, storage, transportation or bearing of weapons, components and ammunition. Maksidov was also charged with embezzlement and organization of a criminal gang.

According to investigators, the businessmen are involved in the organization of a gang, embezzlement of 2.5 billion rubles ($43.5 million) from the state budget and withdrawal of some of these assets abroad. Two more defendants in the case, who allegedly fled to the United Arab Emirates, were arrested in absentia and put on the international wanted list.

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Shares of Summa seized by Moscow court as part of embezzlement case

14:59 14/06/2018 The Preobrazhensky District Court of Moscow has seized shares of Summa Group owned by Ziyavudin Magomedov, a defendant in a criminal case over fraud and embezzlement on an especially large scale.
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