The Moscow Regional Arbitration Court has rejected the appeal of Summa group co-owner Ziyavudin Magomedov, who challenged the ban on continuing the proceedings with Transneft in the High Court of England and Wales. This was reported by TASS.
The agency quotes the court’s decision as follows: “Do not change the decision and the appeal is not satisfied.”
The decision that Magomedov appealed accepted Moscow Arbitration Court in April. The basis for this was Transneft’s requirements. Transneft will be awarded $2.5 billion in compensation if Magomedov does not comply with the injunction.
Prior to this, in July 2023, Magomedov filed a lawsuit in the High Court of London seeking the return of about $14 billion in his shares of assets confiscated from him by decision of the Russian courts.
On December 1, 2022, the Moscow Meshchansky Court sentenced billionaire brothers Ziyavudin and Magomed Magomedov to 19 and 18 years in prison in a maximum security colony in the case of creating a criminal community and embezzlement of 11 billion rubles.
Read more about this story at: material “Newspapers.Ru”.
Earlier, the Moscow City Court had several softened The verdict given to the founder of Summa Group in the case of theft of 11 billion rubles.