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Seizure of FESCO assets as part of Summa owners’ case upheld

16:31 01/08/2018

MOSCOW, August 1 (RAPSI, Yulia Glozman) – The Moscow City Court on Wednesday upheld seizure of assets belonging to four companies of FESCO Group as part of a case against businessman Ziyavudin Magomedov and his brother Magomed, who stand charged with organizing a criminal group and embezzlement, RAPSI reported from the courtroom.

According to defense, FESCO Group is one of the larges transport companies in Russia and vitally important connecting link between Russia and Asia.

Summa Group owner Ziyavudin Magomedov and his brother Magomed are involved in the organization of a gang, embezzlement of 2.5 billion rubles ($43.5 million) from the state budget and withdrawal of some of these assets abroad, according to investigators. They have been detained as well as another defendant, ex- CEO of Intex construction company Arthur Maksidov. Two more defendants in the case, who allegedly fled to the United Arab Emirates, were arrested in absentia and put on the international wanted list.

On June 9, the Tverskoy District Court of Moscow seized the brothers’ property part of the case.

Overall, the seized property includes four cars, two apartments, shares in several companies and money located at bank accounts. 

 

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Seizure of FESCO assets as part of Summa owners’ case upheld

16:31 01/08/2018 The Moscow City Court on Wednesday upheld seizure of assets belonging to four companies of FESCO Group as part of a case against businessman Ziyavudin Magomedov and his brother Magomed, who stand charged with organizing a criminal group and embezzlement.
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