MOSCOW, April 9 (RAPSI) – The Moscow Commercial Court has put a claim for bankruptcy of Global Electro Service, a subsidiary of businessman Ziyavudin Magomedov’s Summa Group, on hold until May 14, according to court records.

The claim has been left without action because of its incorrect drawing up.

In December, the Ninth Commercial Court of Appeals approved a settlement between two companies.  According to the agreement, the Global Electro Service acknowledged its 36.2-million-ruble ($626,000) debt.

On March 31, the Tverskoy District Court of Moscow detained Magomedov suspected of organizing a criminal group and large-scale fraud until May 30. During the court hearing, an investigator noted that there are four more defendants in the case with two of them hiding in the United Arab Emirates.

Magomedov himself vehemently denied wrongdoing and said that all of his actions served development of his business. The defendant’s lawyer Maria Belyavskaya said that there is no indication that Magomedov committed a crime as an individual and as a businessman he may be only suspected of economic crimes.

Investigators believe that Magomedov organized a gang and embezzled 2.5 billion rubles ($43.5 million) from the state budget moving some of these assets outside the country. Other defendants in the case are his brother Megomed Magomedov and ex-CEO of construction company Intex Arthur Maksidov.