Group "Summa": history, arrest of leaders, current state of affairs

2024 Author: Leah Sherlock | [email protected]. Last modified: 2023-12-17 05:25

One of the largest independent industrial groups headquartered in Moscow operates in engineering, logistics, telecommunications, construction and oil and gas industries. In the spring of 2018, the owner of the Summa group, Ziyavudin Magomedov, was arrested, and soon his brother Magomed was also arrested. They are accused of stealing more than 2.5 billion rubles from the budget.

General information

Summa Group operates as a strategic investor directly involved in the management of companies whose shares it owns.

Among the key assets controlled by the holding:

• NCSP Logistics Group, one of the most valuable assets of which is the Novorossiysk Commercial Sea Port.
• FESCO shipping company.
• Yakutsk Fuel and Energy Company, produces natural gas and gas condensate.
• Container transportation operator "Transcontainer".
• "National Telecom", engaged intelecommunications business and many other companies.

The group employs more than 10,000 people in 40 Russian regions. The results of the activity are not disclosed. The chairman of the board of directors, Z. Magomedov, was ranked 63rd by the Russian Forbes in 2017 with assets of $1.4 billion.

How the group was created

Magomed and Ziyavudin Magomedov graduated from the Faculty of Economics of Moscow State University, during their studies they lived in the same dorm room. At the same time, they started selling computers and household appliances, and by the end of their studies, they bought a Mercedes with the money they earned. In 1993, the Interfinance company was established, which specialized in trading in vouchers and securities. Some successful deals brought profits up to a thousand percent per annum.

After a while, the Magomedovs bought a stake in the Diamant bank, where they met David Kaplan. He helped start the port business, develop the construction projects of the Summa group, where he was a key financier and was responsible for strategy. Kaplan and introduced them to Semyon Vainshtok, the head of Transneft. In the early 2000s, cooperation with this company began. In 2004, they bought land in Primorsk and began building an oil terminal, after which the group became a port operator. Many experts note that in 2002 the brothers decided to re-distribute responsibilities. Magomed began to engage in politics, and Ziyavudin Magomedov in the group"Summa" was fully responsible for the development and leadership.

Division of property

In 2009, senior Magomedov, after seven years of work from the Smolensk region in the Federation Council, resigned and offered his younger brother to transfer half of the assets of the Summa group to him. Ziyavudin Magomedov did not want to share his property. Registration lasted as long as 5 years. Only in the second half of 2013, the Russian antimonopoly service allowed the offshore company Shevronne, owned by the brothers on a parity basis, to become the owner of the telecommunications and construction business of the Summa group.

Although the brothers became equal shareholders, Ziyavudin managed the business, and Magomed simply did not know how costs were incurred and revenues were generated. According to some sources, when the elder brother was interested in dividends, he was told that all funds were spent on paying off obligations, and refused to provide information on the movement of funds. In addition, the former official did not like the fact that Ziyavudin conflicted too often with business partners and government officials. Because he believed that it was extremely dangerous to fight the state, and that one should work calmly, without scandals. The younger one loved the hype and was very flattered by being in the Forbes magazine rating. Due to irreconcilable differences, the Magomedovs almost stopped communicating. And we only met at family events.

Investigation

Spring 2018 group owner"Summa" together with his brother Magomed were arrested. They are suspected of organizing a criminal community and several acts, including embezzlement of budgetary funds and fraud. Their offices across the country (from Dagestan to Yakutia) were searched.

According to law enforcement agencies, the Magomadovs' criminal gang stole about 2.5 billion rubles during the construction of energy and infrastructure facilities. Lawyers offered record bail amounts of 2.5 billion rubles for each defendant. But the court rejected the offer. The Magomadovs are currently in the Lefortovo prison.