Russian transport tycoon arrested on embezzlement charges

The Russian authorities have arrested billionaire Ziyavudin Magomedov, a key player in Russia’s transport sector, on charges of embezzling over $35m of federal budgets.

Magomedov is the owner of trading and investment company Summa Group, which owns controlling stakes in Fesco Transportation Group, the Commercial Port of Vladivostok, Novorossiysk Commercial Sea Port and United Grain Company.

The Fesco offices in Moscow and Vladivostok and the Vladivostok Sea Commercial Port were searched by authorities as part of the investigation proceedings against Magomedov.

Magomedov has denied the charges and offered to put up a $35m bail bond, however the judge rejected the offer and ordered that he be detained as she believes Magomedov and his associates acted as part of an organised crime group.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
Back to top button