Magomedov brothers charged with $43.4m fraud

Magomedov brothers charged with $43.4m fraud
Magomed and Ziyavudin Magomedovs

Media reports are refuted by official structures.

Owners of the Summa group Magomedov brothers are charged. Ziyavudin and Magomed Magomedovs are accused of fraud for 2.5 billion rubles ($43.4m) and the creation of a criminal community. This is reported by Meduza with reference to a source in law enforcement agencies. Charges are also brought against former head of the Intex company (part of the Summa group) Artur Maksidov.

Media reports are refuted by official representative of the Interior Ministry of the Russian Federation Irina Volk. According to her, Magomedovs are still not charged. Let's remind, the Magomedov brothers and Maksidov were detained on March 30. The fraud case covers seven episodes, including those related to the assets of the Federal Grid Company, United Grain Company and the construction of a stadium in Kaliningrad.

On March 31, the court arrested them until 30 May. Lawyers of Ziyavudin Magomedov asked to place the businessman under house arrest or release on bail of 2.5 billion rubles ($43.4m).

Yesterday the court imposed arrest on the cash of the Magomedov brothers, seized during the search.

On the eve, chairman of the Russian Union of Industrialists and Entrepreneurs (RSPP) Alexander Shokhin said that Ziyavudin and Magomed Magomedovs should be released from the pretrial detention center. The head of the Russian Union of Industrialists and Entrepreneurs made a statement before the meeting of the State Council in the Kremlin, which was held on April 5 by Vladimir Putin.

According to Shokhin, the Magomedovs’ case is undoubtedly "resonant" and it is a precedent. At the same time, he adds that the arrest of entrepreneurs over economic crimes before the trial causes some caution and concern among the business community.

The other day, the lawyers of the Magomedov brothers appealed against the arrest of their clients in the Moscow City Court. The Moscow City Court will consider appeals against the defendants on April 16. Lawyers are asked to cancel the judgment of the district court and elect softer measure of restraint.

Currently, there are seven episodes in the Magomedov brothers' case, including those related to fraud with the assets of the Federal Grid Company, the United Grain Company and the construction of the Arena Baltika stadium in Kaliningrad. The investigation is prolonged until August 5. None of the suspects pleaded guilty.

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