Assets worth nearly $600 mln seized from Magomedov brothers as part of Summa Group case
MOSCOW, November 16 (RAPSI) – Assets worth over 45 billion rubles (about $600 million) belonging to Summa Group owner Ziyavudin Magomedov and his brother Magomed Magomedov have been seized during investigation into a case against them, the spokesperson of the Russian Interior Ministry Irina Volk has told journalists.
The assets have been attached for their possible confiscation and compensation of the caused damage, according to the official.
Last week, the Prosecutor General’s Office of Russia approved indictment against the brothers charged with organization of a criminal group, fraud and large-scale embezzlement. The case has already reached the Basmanny District Court of Moscow.
According to the investigation, not later that 2010, the accused men created a criminal group to embezzle budget funds and property of commercial organizations. There were over 15 members in the gang.
Investigators believe that the brothers used affiliated companies of the Summa Group holding as a material basis of the criminal community. From 2010 to 2016, the defendants stole over 11 billion rubles (about $144 million) under state contracts and agreements concluded by the firms under their control.