x

Society

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.

RELATED

NICOSIA - A Greek activist who alleged sex trafficking rings are luring women and was tied to an alleged gang rape in Thessaloniki, sent Cypriot police a 47-page email with some 150 photos to back it up.

Top Stories

Associations

ASTORIA – The Pancyprian Choir of NY held its first meeting of 2022 and shared best wishes for the New Year with their annual cutting of the traditional vasilopita at Dionysos Taverna in Astoria on January 24.

Associations

BRONX, NY – In a festive atmosphere, the traditional cutting of the vasilopita was held by the Northern Chios Society of Pelineon Agia Markella in the community hall of Zoodohos Peghe Greek Orthodox Church in the Bronx on January 23.

Society

ATHENS – A major snow storm that had been predicted for days still caught residents in Greece offguard and the New Democracy government scrambling for answers as to why motorists were stuck for hours on major roads.

Video

Human Chain Formed to Help After Pittsburgh Bridge Collapse

PITTSBURGH — A 50-year-old bridge spanning a ravine collapsed in Pittsburgh early Friday, requiring rescuers to rappel nearly 150 feet (46 meters) while others formed a human chain to reach occupants of a dangling bus.

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.