Son-in-law of former Dagestani head buys Forbes Russia

Son-in-law of former Dagestani head buys Forbes Russia
Magomed Musaev Photo: Vyacheslav Prokofiev / TASS

Magomed Musaev has confirmed the deal.

Businessman Magomed Musaev is the new owner of Forbes Russia, RBC reported. Musaev confirmed the transaction did take place. The magazine used to belong to Alexander Fedotov’s ACMG.

Three sources close to the news outlet have confirmed the report that there is a new owner; two of them named Musaev. Earlier, Kommersant had referred to the businessman as the son-in-law of Ramazan Abdulatipov, the former head of Dagestan.

The magazine was issued by ACMG starting from September 2015.  ACMG had bought it from the German publishing house Axel Springer, which had been forced to sell the asset due to changes in Russian legislation adopted in 2014: starting from 2016, foreign companies have been banned from owning more than 20% of Russian media outlets. ACMG also bought magazines like OK!, Geo, Gala Biography and a website called finanz.ru. According to informed sources, the deal was valued at about $7 million. The ACMG owner, Alexander Fedotov, said that he had acquired the assets with his own money; no loan had been taken. Fedotov claimed he was not going to interfere in Forbes’ policy, although he said the magazine was "too politicized."

Magomed Musaev became the first deputy director of the All-Russia Exhibition Center in 1998, and was promoted to general director in 2004. It was then that Kommersant referred to him as Abdulatipov’s son-in-law.

In 2009, Musaev resigned from the general director post. His leaving was associated with the federal authorities’ need to monitor the reconstruction of Moscow downtown. In 2010, the Prosecutor General's Office carried out an inspection that determined that because the exhibition pavilions had been leased illegally, the Moscow budget lost more than one billion rubles between 2007 and 2009. There was no trial, however.

After the resignation, Musaev started working with the Moscow City Hall, but quit as soon as Yuri Luzhkov left. Later, Musaev headed the executive committee of the council under the President of Dagestan. The committee dealt with "accelerated innovative development of the republic and attracting investments in the economy."

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