One of the largest independent industrial groups headquartered in Moscow, works in the fields of engineering, logistics, telecommunications, construction and the oil and gas industry. In the spring of 2018, the owner of the Summa group, Ziyavudin Magomedov, was arrested, and soon his brother Magomed. They are accused of embezzlement of 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 that the holding controls are:
- NCSP Logistics Group, one of the most valuable assets of which is the Novorossiysk Commercial Sea Port.
- Shipping company FESCO.
- Yakutsk Fuel and Energy Company, produces natural gas and gas condensate.
- Container shipping operator Transcontainer.
- "National Telecom" engaged in telecommunications business and many other companies.
The group provides jobs for more than 10,000 people in 40 Russian regions. The results are not disclosed. The chairman of the board of directors Magomedov Z. in 2017, the Russian Forbes was placed in 63rd place in the ranking with assets of $ 1.4 billion.
How the group was created
Magomed and Ziyavudin Magomedovs graduated from the Faculty of Economics of Moscow State University, while studying, they lived in the same dormitory room. Then they started to trade computers and household appliances, and by the end of their studies they had acquired a Mercedes with the money they earned. In 1993, the company Interfinance was established, which specialized in trading vouchers and securities. Some successful transactions brought profit up to a thousand percent per annum.
After some time, the Magomedovs bought a stake in Diamond Bank, where they met with 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 the strategy. Kaplan introduced them to Semyon Vainshtok, the head of Transneft. In the early 2000s, cooperation began with this company. In 2004, they bought land in Primorsk and began to build an oil terminal, after putting it into operation, the group became a port operator. Many experts note that in 2002 the brothers decided to reallocate responsibilities. Magomed began to engage in politics, and Ziyavudin Magomedov in the Summa group was fully responsible for development and leadership.
Property division
In 2009, the elder 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 property. The decoration lasted as much as 5 years. Only in the second half of 2013, the Russian antimonopoly service allowed the Shevronne offshore company, owned by the brothers on an equal footing, to become the owner of the Summa group's telecommunications and construction business.
Although the brothers became equal shareholders, Ziyavudin managed the business, and Magomed simply did not know how the costs are realized and the incomes are generated. According to information from some sources, when the older brother was interested in dividends, he was told that all the funds went to pay off obligations, and refused to provide information on the movement of funds. In addition, the former official did not like that Ziyavudin too often clashes with business partners and government officials. Because he believed that it was extremely dangerous to fight the state, but that one should work calmly, without scandals. The younger one loved the hype and was very flattered to be in the Forbes magazine ranking. Due to irreconcilable differences, the Magomedovs almost ceased to communicate. And met only at family events.
Investigation
In the spring of 2018, the owner of the Summa group, together with his brother Magomed, were arrested. They are suspected of organizing a criminal community and several acts, including embezzlement of funds and fraud. Searches were conducted at their offices throughout the country (from Dagestan to Yakutia).
According to law enforcement agencies, the criminal formation of the Magomadovs stole about 2.5 billion rubles during the construction of energy and infrastructure facilities. Lawyers offered a record amount of bail of 2.5 billion rubles for each defendant. But the court rejected the offer. The Magomadovs are currently in the Lefortovo prison.