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Shares in companies co-owned by detained oligarch plummet on Moscow’s stock exchange

April 02, 10:58 UTC+3

On Saturday, Ziyavudin Magomedov, his brother Magomed Magomedov and Artur Maksidov, the head of a company in the Summa Group, were placed in custody until May 30

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Ziyavudin Magomedov

Ziyavudin Magomedov

© Mikhail Pochuyev/TASS

MOSCOW, April 2. /TASS/. Shares in companies co-owned by Summa Group of Ziyavudin Magomedov arrested late last week on suspicion of embezzlement, plummeted by 3-20% on the Moscow Exchange on Monday. Shares of Russia’s Far Eastern Shipping Company (parent company of Fesco Group) plunged by 19.5% to 5.395 rubles per share, according to trading data. Summa owns a 32.5% share in Far Eastern Shipping Company.

Shares of Novorossiysk Commercial Sea Port (Summa Group owns around 25%) dropped by 2.8% to 7.55 rubles, while shares of Transcontainer (Fesco Group controlled by Summa owns 25% of shares in the operator) lost 4.7% to 4,715 rubles per share.

On Saturday, Ziyavudin Magomedov, his brother Magomed Magomedov and Artur Maksidov, the head of a company in the Summa Group, were placed in custody until May 30 on suspicion of embezzling over 2.5 billion rubles (some $43.7 million at the current exchange rate). Earlier, they were detained as part of a criminal investigation into fraud and organized crime, launched by the Russian Interior Ministry. During Saturday’s hearings, the three suspects denied all charges laid against them.

With a fortune estimated at $1.4 bln, Ziyavudin Magomedov ranked 63th in Forbes list in 2017. His key asset is Summa Group, a diversified holding owning companies involved in port logistics, engineering, construction, telecommunication and oil and gas sectors.

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