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 are state companies Rosatom and Transneft, as well as an American fund direct investments TPG and Dubai port operator DP World – conspired to strip him of his assets, with the support of the Russian state. The Financial Times reports this.
The Russian authorities decided to transfer the control to Rosatom transport the Fesco group, which operates ports including one in Vladivostok, says the 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.