Magomedov's "Summa Telecom" may become bankrupt due to 3.7 million dollars of debt

While the well-known entrepreneur Ziyavudin Magomedov is trying to become a major investor in one of the largest projects of our time, the vacuum train Hyperloop, his Russian assets "Summa Telecom", as it turned out, has no means to pay the debt on the promissory notes in the amount of 3.7 million US dollars.
The owner of the group of companies "Amount" Ziyavudin Magomedov gained fame outside the Russian Federation due to its large investments in the project of creating a vacuum bullet train Hyperloop One, the authorship of which belongs to the idea of ​​the famous American inventor and billionaire Elon Musk. Magomedov Foundation acted as a co-investor in this project is already under three rounds of funding and put it in a total of at least 140 million dollars. At the same time, telecom asset Magomedov in Russia - Company "Summa Telecom" - which is the number of promising projects in 10 years ago, can not repay the debt and the risk of becoming insolvent.

Problems from the past

Since the beginning of this year, a modest capital provider of broadband access to the Internet "Stelka Engineering" filed against the company "Summa Telecom" six lawsuits. Such data are contained in the files of arbitration cases. The Court has already met some of these claims for a total amount of 260 000 000 rubles. The reasoning part of the decision says CompansI issued in favor of the Cyprus offshore promissory note in the amount of about 3.7 million US dollars, and parva requirements to these bills received was "Stelka Engineering". On the requirement to pay bills CEO "Summa Telecom" Androsik said that the company currently does not have the ability to make payments on these notes because of her lack of sufficient funds. According to some reports, Androsik served as CEO until May of this year.

Low Priority assets

Over the past five years, "Summa Telecom" demonstrates the continuous losses, says RBC. So, at the end of last year, the net loss of the company stood at RUR 3.4 billion on revenue of just 646.3 million rubles. At the same time, since 2012 the company's loss increased by 460%. For comparison it should be noted that the state of the flagship companies of the "Amount", working in the field of logistics and transport, was much better. For example, the net profit of Novorossiysk Commercial Sea Port ( "Amount" has it 27.75 percent share) in the first halfLive totaled $ 364 million, which is almost one and a half times more than a year ago. But the net profit of the United Grain Company as a result of last year, and at all has increased 58 times and amounted to 16.2 billion rubles.

its the same

Moreover, it is important to note that the applicant is by no means a stranger to the "Amounts" now. For example, a 20-percent stake in the "Stelka engineering" belongs to JSC «National Telecom", which is also part of the group structure Magomedov.

Company "Summa Telecom" was founded 11 years ago. The company planned to implement a large-scale project for the construction of a federal network of wireless Internet access technologies. Now, this operator provides services for broadband access in twelve Russian regions, including Dagestan, St. Petersburg and Moscow. According to some reports, the company's subscriber base as of the end of June this year amounted to about 130 000 households.