The Moscow Arbitration Court has ordered the recovery of more than 80.1 billion rubles from Ziyavudin Magomedov, the convicted head of the Summa group, and from three foreign companies, alongside a loss of approximately $13.8 million claimed by Far Eastern Shipping Company, the parent entity of the FESCO group, according to reporting in Kommersant.
The suit targeted the businessman and four entities: SGS Universal Investment Holdings Ltd (registered in the British Virgin Islands), Maple Ridge Ltd, En, and Smartilicious (registered in Cyprus). Information from Interfax confirmed that the allegations were upheld against all defendants except one of the involved companies.
FESCO had previously announced the filing of the lawsuit to identify debts arising within the interests of the group and its beneficiaries following internal reviews. At the close of the previous year, Andrey Svetilov, a co-owner and board chairman of the group, stated that Magomedov had effectively ceased to own any stake in FESCO.
In January, the Moscow Khamovnichesky Court granted a prosecutor’s request to transfer the Far East Shipping Company shares to state revenue, a move aligned with ongoing asset recovery proceedings.
On December 1, 2022, the Meshchansky Court in Moscow handed down a 19-year sentence to Ziyavudin Magomedov for involvement in forming a criminal organization and embezzling 11 billion rubles. He was placed in a strict regime penal colony and fined 2.5 million rubles. Magomedov’s brother, Magomed Magomedov, a former senator and former co-owner of the company, received an 18-year prison term and a similar fine.
Court-ordered confiscation extended to the Magomedov brothers’ assets, including a Gulfstream aircraft, Moscow and London real estate holdings, and a Porsche 911 vehicle connected to the Summa company presidency. The court also ordered the seizure of a 100% stake in CJSC Port Fleet, JSC National Settlement Depository shares, the entire Summa group’s holdings, and other property, as reported by RIA Novosti from the courtroom.
These enforcement actions illustrate the scale of the allegations and the breadth of the asset recovery framework being used in this high-profile case. They also reflect the Russian judiciary’s approach to tracing assets linked to corporate structures and individuals implicated in criminal conduct, as authorities continue to pursue restitution in complex commercial disputes that span multiple jurisdictions.