Ex-billionaire Magomedov, who is serving time in prison, filed a lawsuit against Rosatom and Transneft for $14 billion.
One of the co-owners of the Summa group, Ziyavudin Magomedov, filed a lawsuit in the High Court of London demanding to pay almost $14 billion for the business assets he lost. According to Magomedov, the defendants - state companies Rosatom and Transneft, as well as the American private equity fund TPG and the Dubai port operator DP World - conspired to deprive him of his assets, with the support of the Russian state. The Financial Times reports this.
Russian authorities have decided to transfer the Fesco transport group, which operates ports including the one in Vladivostok, under the control of Rosatom, according to a lawsuit filed in July. This happened after Magomedov was arrested in 2018 on charges of embezzlement. TPG and DP World entered into a conspiracy with the Russian authorities. The fund was supposed to offer Fesco shares, which it initially wanted to sell to Magomedov, but eventually sold to a third-party investor allegedly associated with Rosatom. DP World also decided to deal with a state-owned company. The authorities threatened Magomedov, promising that the FSB would “work” with his colleagues, according to the lawsuit, which values his stake in Fesco at $8.8 billion.
Magomedov's 32.5% stake in Fesco was confiscated by the state in 2023.