Russia Wants Financial Data from Cyprus On Billionaire Facing Charges

August 3, 2018

Russia is going to ask Cyprus to forward details on finances held on the island by billionaire
businessman Ziyavudin Magomedov who is facing charges of embezzling Russian state funds.

The Tass News Agency said an investigator told the Tverskoy Court of Moscow, hearing the case, they need the data for the probe about his operations.

Cyprus is a preferred site for Russia’s wealthy to put their assets in banks as the island is still fighting a reputation as a money-laundering haven and a place to hide criminal cash.

Magomedov is the main owner of the privately-held investment company Summa Group. In March 2018, he was arrested and charged with “racketeering and embezzlement of state funds,” but it wasn’t clear if that was part of government plans to go after billionaires for other reasons, as President Vladimir Putin has done before. Magomedov denies any wrongdoing.

He and partners own a Cyprus-based company by the name of Kadina Limited, a report in the Cyprus Mail said.

Earlier, Russian investigators and prosecutors said Magomedov was suspected of embezzling 2.5 billion rubles ($43.6 million) through companies owned by Summa.

Investigators say they haven’t been able to locate the embezzled money, which they believe was moved to various offshore accounts.

The Summa Group is a conglomerate with interests in port logistics, engineering, construction, telecom, oil and gas. Magomedov’s net worth is estimated at $1.4 billion.


NICOSIA - Despite a sigh of relief that the COVID-19 pandemic is on the downswing – if still causing cases, hospitalizations and deaths – there's concern on Cyprus about the appearance of a number of other viruses with winter looming.

Top Stories


A pregnant woman was driving in the HOV lane near Dallas.

General News

FALMOUTH, MA – The police in Falmouth have identified the victim in an accident involving a car plunging into the ocean on February 20, NBC10 Boston reported.

General News

NEW YORK – Meropi Kyriacou, the new Principal of The Cathedral School in Manhattan, was honored as The National Herald’s Educator of the Year.


‘In the Wine Dark Sea’ Documentary on Wines of Crete Now on Prime Video

BALTIMORE, MD – Wine Cellar Stories Productions announced the release of ‘In the Wine Dark Sea,’ the exciting new wine documentary by Chrisa Giorgi, featuring Master of Wine Konstantinos Lazarakis and 11 winemakers from Crete, Greece.

For the fifth consecutive year, the Stavros Niarchos Foundation Cultural Center (SNFCC) is once again transformed into the city’s most magical Christmas destination On Wednesday, December 1, at 19:00.

WASHINGTON (AP) — Emboldened House Democrats ushered in a new generation of leaders on Wednesday with Rep.

STORRS, CT – The Center for Hellenic Studies ‘Paideia’ of the University of Connecticut gave a warm welcome to Greece’s Minister of Culture Lina Mendoni, who paid a visit to the Center on November 29.

ATHENS - Prime Minister Kyriakos Mitsotakis on Wednesday spoke on the phone with his Italian counterpart, Giorgia Meloni, whom he congratulated on assuming her duties.

Enter your email address to subscribe

Provide your email address to subscribe. For e.g. abc@xyz.com

You may unsubscribe at any time using the link in our newsletter.