The Prosecutor General’s Office of the Russian Federation succeeded in confiscating more than $150 million from the Russian accounts of the Cypriot offshore controlled by the founders of the Summa group, the brothers Ziyavudin and Magomed Magomedov. This was reported on the website of the publication “Kommersant”.
According to the claim, satisfied by the Khamovnichesky District Court of Moscow, its basis was laid by the decision of the same court that entered into force on the transfer to state revenue $750 millionwhich were bailed out by the Magomedovs as a result of the sale of shares of Novorossiysk Commercial Sea Port (NCSP) to Transneft.
As part of this case, it was established that Magomed Magomedov, holding the chair of a senator in the Federation Council from 2002 to 2009 and being a member of the committees on natural monopolies and industrial policy, continued to conduct entrepreneurial activities contrary to the requirements of the law. In addition to NCSP, his list of assets included the Primorsky Commercial Port, which he controlled with the help of his younger brother Ziyavudin Magomedov.
As a result, the court concluded that Magomedov Sr. owned these structures, as he invested in them funds that were hidden from state control. At the same time, the hidden nature of managing them, including through offshore companies and nominees, was explained by Magomedov’s occupation of government posts.
Kommersant.Ru, 12/13/2022, “The prosecutor’s office opened Omiriko”: As follows from the prosecutor’s lawsuit, in 2011, being the beneficiaries of the offshore, the Magomedov brothers arranged for them to receive a loan for $150 million. According to the supervision, the transaction between the two legal entities controlled by the Magomedov brothers “allowed them to have access to assets previously formed in violation of the law even after leaving the shareholders of Omiriko Limited.” Subsequently, the plaintiff believes, using the fact of the debt artificially formed in this way, the Magomedov brothers, through “foreign structures, took measures to change the executive body of the Cypriot society and restore control over its activities.”
Thus, on the suit of Torresant Industry Ltd. on April 14 this year, the Limassol District Court (Cyprus) decided to ban Omiriko from disposing of property and appoint a temporary liquidator of the company. By the way, the latter, Ioannis Poyatzhis, became one of the co-defendants in the prosecutor’s suit. […]
“The Omiriko legal entity, being controlled by the Magomedov brothers and acting solely in the interests of the ultimate beneficiaries, actually acted as a tool for legalizing illegally obtained funds by them and, in accordance with the law, is also liable for corruption offenses,” the supervisor’s appeal to the court said. . The lawsuit, signed by Deputy Prosecutor General Igor Tkachev, was satisfied in full. — Inset K.ru
When carrying out transactions with ports, the Cypriot offshore Omiriko Limited was used, the ultimate beneficiaries of which were the brothers Ziyavudin and Magomed Magomedov. The money received from Omiriko’s transactions was recognized by the judge as corrupt.
At the same time, prosecutors conducted an additional check and found out that Omiriko was used not only for asset management, but also for the accumulation of other funds that were illegally acquired by the former senator.
According to the supervisory version, the transaction between the two legal entities controlled by the Magomedov brothers “provided them access to assets previously formed in violation of the law even after leaving the shareholders of Omiriko Limited.”
At the same time, four accounts of the liquidated Omiriko had $150 million, $116,600, 4,600 euros and 213 million rubles, which the supervisory authorities considered the result of acts of corruption, and the actions of the defendants were aimed at their legalization.
It is worth noting that the defense of the Magomedov brothers will appeal against the court decision on the confiscation of more than 150 million dollars by the Prosecutor General’s Office.