Russia tycoon Magomedov arrested on charges of embezzlement

MOSCOW: 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 US 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 construction of a soccer World Cup venue in the Russian exclave of Kaliningrad. The hearing in Moscow’s Tverskoy District Court was held to decide whether Magomedov and his associates should be detained pending trial. The judge, Maria Sizintseva, said they acted as part of an organised crime group and had tried to put pressure on witnesses.

She rejected an offer from Magomedov to put up a $35 million bail bond, and ordered he be detained.

Citing the arguments against granting bail, the judge said Magomedov had access to his own aircraft, and assets abroad.

Full story @ timesofoman.com/world