Russian businessman Ziyavudin Magomedov, once estimated to be worth $1.4 billion, has been sentenced to 19 years in prison on charges of creating a criminal community and embezzlement of public funds. His brother, former member of the Federation Council Magomed Magomedov, was sentenced to 18 years.
The Magomedovs were sentenced by the Moscow Meshchansky Court, TASS writes. Ziyavudin Magomedov was sentenced to 19 years in prison, Magomed Magomedov to 18 years. The defendants were found guilty of creating a criminal community and embezzling 11 billion rubles from the budget.
The court awarded civil claims against the defendants for 3.6 billion rubles. Funds will be recovered from all defendants in the case in proportion to the assets seized from them.
Ziyavudin and Magomed Magomedov were arrested in 2018 in connection with the creation of a criminal community and the embezzlement of budget funds, including during the construction of infrastructure and energy facilities.
Ziyavudin Magomedov is the founder of the Summa group, the owner of ports in Russia, the container operator TransContainer and the operator of the grain market. Magomedov also founded the $300 million Caspian VC Partners fund, which he invested in Uber, Hyperloop Technologies and other companies.
Ziyavudin Magomedov’s fortune at the time of his arrest was estimated at $1.2 billion.
Author:
Kirill Bilyk
Source: RB
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