Tycoon’s $14 Billion Lawsuit Rejected in London Court
A major blow was dealt to Russian businessman Ziyavudin Magomedov on Friday, as a London court dismissed his $14 billion lawsuit against U.S. private equity firm TPG and Russian state-owned companies Rosatom and Transneft. Magomedov had alleged that the companies conspired to strip him of his assets following his 2018 arrest on embezzlement charges.
A Complex Web of Allegations
Magomedov’s lawsuit, filed at London’s High Court, claimed that his arrest prompted a Russian state-supported scheme to seize control of his valuable port operator holdings. However, the defendants vehemently denied these allegations, with TPG’s lawyers labeling them “preposterous.”
Judge’s Ruling: No Case to Answer
In a written ruling, Judge Robert Bright declared that there was “no serious issue to be tried” against TPG or Transneft, and that any case against Rosatom should not be heard in London. This decision marks a significant victory for the defendants, who have consistently maintained their innocence.
Reactions to the Verdict
A spokesperson for Magomedov expressed disappointment with the ruling, stating that they intend to seek permission to appeal. In contrast, a TPG spokesperson welcomed the decision, saying the company was “pleased to put this baseless matter behind us.”
A Fallen Empire
Magomedov once controlled a vast business empire through his Summa Group conglomerate, which spanned port logistics, oil, and gas. However, his fortunes took a dramatic turn in 2018, when he and his brother were arrested on embezzlement and organized crime charges. Magomedov was subsequently sentenced to 19 years in prison and is currently being held in a penal colony in Kirov, Russia.
A Cloud of Controversy
Magomedov has consistently maintained that the charges against him are unfounded and has unsuccessfully appealed his conviction. Despite this, the court’s ruling marks a significant setback for the embattled tycoon, who will now need to regroup and reassess his legal strategy.
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