The Russian authorities will be requesting from Cyprus financial data in relation to investigations into the Russian billionaire businessman, Ziyavudin Magomedov (seen far left), who is currently facing charges of embezzling Russian state funds.
According to sources, the authorities would be requesting financial data from both the Virgin Islands and Cyprus in relation to Magomedov’s operations. Magomedov is the core owner of the privately-held investment company Summa Group.
Previously, the 49 year old was arrested and charged with “racketeering and embezzlement of state funds” in March 2018. It’s understood that Magomedov and his partners own a company based in Cyprus by the name of Kadina Limited.
Following this, Russian prosecutors and investigators stated that Magomedov is suspected of embezzling USD $43.6 million (2.5 billion roubles). Along with this, prosecutors say the money was stolen through companies owned by Summa.
The investigators have said that they have yet to locate the embezzled funds which they assume has been moved to numerous offshore accounts.