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Russia detains Tycoon Magomedov on suspicion of fraud



Russia arrested the co-owner of the Summa group, Ziyavudin Magomedov, who held talks on the sale of his stake in an important port, as part of a case in misappropriation of state funds for infrastructure and energy projects.

Moscow Tverskoy district court ordered Magomedov to be held for two months and refused his request to place as a bail the 2.5 billion-ruble ($ 44 million) sum he accuses of stealing, Interfax reported. He was previously imprisoned with his brother Magomed Magomedow and Artur Maksidov, a senior employee of a Summa Group unit.

"All allegations against me do not stand up to logical criticism," reported Interfax Ziyavudin Magomedov court. He will appeal his arrest and his lawyer, Alexander Vershinin, has been cited.


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