Russian transport tycoon arrested on embezzlement charges

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 worked for a number of logistics firms following his English degree, then switched this hands-on experience to writing and has since become one the most prolific writers on the diverse China logistics industry writing for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week. Jason’s access to the biggest shippers with business in China has proved an invaluable source of exclusives.

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