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Some Summa affiliates’ accounts frozen, but not all Summa Group’s accounts blocked

May 28, 18:10 UTC+3 MOSCOW

On March 31, the Tverskoy Court arrested Ziyavudin Magomedov, his brother Magomed Magomedov and Artur Maksidov for two months on suspicion of embezzling over $43.7 mln

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MOSCOW, May 28. /TASS/. The accounts of the Summa Group have not been confiscated, the company’s spokesman told TASS, adding that the issue debated in court was about freezing some of the groups’ assets.

"The accounts of some Summa Group affiliates have been frozen for a while. Yet, the accounts of Summa Group itself have not been seized," he said.

Earlier Victoria Tsyrulik, a lawyer of Summa’s co-owner Ziyavudin Magomedov, said that the court had arrested accounts of the group as part of the criminal investigation against the businessman into fraud, embezzlement and organized crime.

On March 31, the Tverskoy Court arrested Ziyavudin Magomedov, his brother Magomed Magomedov and Artur Maksidov for two months on suspicion of embezzling over 2.5 billion rubles ($43.7 million). The investigation has asked to extend the detention until August 5.

The court’s press service said earlier that the Magomedovs’ banking accounts and confiscated assets had been frozen.

Ziyavudin Magomedov’s fortune is estimated at $1.4 bln. His key asset is Summa Group, a diversified holding owning companies involved in port logistics, engineering, construction, telecommunication, and the oil and gas sectors. Summa also holds a 50% stake minus one share in United Grain Company.

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