Ziyavudin Magomedov

$1.20 B

Ranked #1867 in World

About Ziyavudin Magomedov

Ziyavudin Magomedov, a once-dominant Russian oligarch with close political ties, has faced significant legal challenges, culminating in a reduced 18.5-year prison sentence in 2022 for embezzlement of state funds, down from an initial 19 years. Born in 1968 in Makhachkala, Russia, and a graduate of Moscow State University, Magomedov's career rose sharply during Dmitry Medvedev's presidency through strategic acquisitions in various sectors, notably with his now-defunct Summa Group. His extensive network included connections to high-ranking officials like Arkady Dvorkovich, earning him a spot on Alexey Navalny's 2022 anti-corruption list. In 2023, Magomedov filed a significant $13.8bn legal claim in London against what he alleges as a Kremlin conspiracy to appropriate his assets, indicating an ongoing battle against Russian state mechanisms.

Born

September 25, 1968 in Makhachkala, Dagestan ASSR, Russian SFSR, Soviet Union

Age

57 years

Source Of Wealth

Port, Gas

Industries

Energy

Citizenship

Russia

Residence

Moscow

Education

Bachelor of Arts/Science, Moscow State University

Ziyavudin Magomedov was born on September 25, 1968, in Makhachkala, Dagestan, Russia. He belongs to the Avar ethnic group. His father was a surgeon, while his mother was a teacher. Ziyavudin was one of four children in the family. His elder brother, Magomed Magomedov, also gained prominence as a member of the Federation Council of the Russian Federation.

Ziyavudin Magomedov: Education

Ziyavudin Magomedov pursued higher education in Moscow. He earned a bachelor's degree in international economics from Moscow State University in 1993. During his university years, he developed close friendships with Arkady Dvorkovich and Ruben Vardanyan. Magomedov furthered his studies and obtained a PhD in international economics from Moscow State University in 2000.

Ziyavudin Magomedov: Career

Ziyavudin Magomedov's career began during the late 1980s, coinciding with the Perestroika period. He ventured into business with his brother, selling imported computers. In the early 1990s, he established Interfinance, a company specializing in investments and financial activities. As the 2000s unfolded, Magomedov expanded his business interests, acquiring land and stakes in various companies.

Magomedov's rise to prominence accelerated during Dmitry Medvedev's presidency. He acquired assets through transport and logistics deals, often involving the state. By 2012, he had become Russia's representative in APEC and held the position of Chairman of ABAC, the APEC Business Advisory Council.

Ziyavudin Magomedov: Controversial NCSP Deal

In 2011, Ziyavudin Magomedov acquired a majority stake in Novorossiysk Commercial Sea Port (NCSP), the largest Russian port operator. This deal drew significant criticism as it allegedly involved using the port's own funds and lacked transparency.

Ziyavudin Magomedov: Medvedev's Government's Privatization Plan

Magomedov's Summa Group came under scrutiny for benefiting from favoritism during Medvedev's privatization plan. The group secured a stake in the United Grain Company, the state trader, and also acquired a stake in the Fesco Transport Group.

Ziyavudin Magomedov: King of State Contracts

In 2012, Summa Group ranked fourth in Forbes' 'Kings of State Contracts' list, based on state contract revenue.

A significant portion of the group's revenue came from state contracts, primarily with state-owned entities.

Ziyavudin Magomedov: Downfall Following Putin-Medvedev Job Swap

After Vladimir Putin returned to the presidency in 2012, tensions arose between Summa Group and state clients. Magomedov's combative negotiation style and disputes with state representatives contributed to his downfall.

Ziyavudin Magomedov: Conflict with Transneft

A conflict emerged between Summa Group and Transneft, a co-owner of NCSP, over alleged diversion of profits by Summa Group.

Ziyavudin Magomedov: Technology Investments

In 2015, Magomedov began investing in technology companies, including Uber and Virgin Hyperloop One. However, these investments raised concerns about diverting funds from government contracts to countries considered hostile by Putin.

Ziyavudin Magomedov: Net Worth

Prior to his arrest in 2018, Ziyavudin Magomedov's net worth was estimated at $1.2 billion. His net worth peaked at $1.4 billion in 2017.

Ziyavudin Magomedov: Corruption Allegations

Magomedov has been linked to corruption allegations, including the construction of a superyacht, Scheherazade, allegedly intended as a gift for Vladimir Putin. He has also been accused of paying for the rental of an expensive yacht for Dmitry Peskov's honeymoon.

Ziyavudin Magomedov: Proximity to Putin's Regime

Ziyavudin Magomedov maintained close ties with key figures of Vladimir Putin's regime, including Gennady Timchenko, Sergey Shoigu, Sergey Lavrov, Dmitry Peskov, Vladislav Surkov, Arkady Dvorkovich, and Nikolay Tokarev. His businesses, such as the Novorossiysk port, sponsored events and organizations associated with Putin.

Ziyavudin Magomedov: Personal Life & Legacy

Ziyavudin Magomedov is married to Olga Magomedova, and they have children together. He is known for his interest in sports, particularly mixed martial arts (MMA). Magomedov bought MMA promotion Fight Nights Global in 2016 and provided financial support to prominent MMA fighters, including Khabib Nurmagomedov.

Ziyavudin Magomedov: Trivia

Ziyavudin Magomedov was arrested on March 31, 2018, while preparing to flee to the United States. He was charged with "racketeering and embezzlement of state funds" and remained in pre-trial custody until December 2022 when he was sentenced to 19 years in prison.

While awaiting trial, the Russian courts froze numerous assets with a total value of several billion dollars, which were subsequently confiscated by the Russian state.

In 2023, Magomedov filed a $13.8bn legal claim in London's High Court alleging a Kremlin-led conspiracy to seize his assets. The claim implicates US private equity firm TPG and Dubai-based ports operator DP World in the alleged conspiracy.

Wealth History

Timeline

1968

Ziyavudin Magomedov is born in Makhachkala, Dagestan, Russia.

1993

Magomedov earns a bachelor's degree in international economics from Moscow State University.

2000

Magomedov obtains a PhD in international economics from Moscow State University.

Early 1990s

Magomedov founds Interfinance, specializing in investments and financial activities.

2000s

Magomedov expands his business interests, acquiring land and stakes in various companies.

2011

Magomedov acquires a majority stake in Novorossiysk Commercial Sea Port (NCSP), the largest Russian port operator.

2012

Magomedov becomes Russia's representative in APEC and holds the position of Chairman of ABAC, the APEC Business Advisory Council.

2012

Summa Group is ranked fourth in Forbes' 'Kings of State Contracts' list, based on state contract revenue.

2015

Magomedov begins investing in technology companies, including Uber and Virgin Hyperloop One.

2018

Magomedov is arrested on charges of embezzlement of state funds and racketeering.

2022

Magomedov is sentenced to 19 years in prison, later reduced to 18 years and 6 months.

2023

Magomedov files a $13.8bn legal claim in London's High Court, alleging a Kremlin-led conspiracy to seize his assets.

Ziyavudin Magomedov : FAQs

What is Ziyavudin Magomedov's net worth?

As of 2018, Ziyavudin Magomedov's net worth was $1.20 billion.

What are Ziyavudin Magomedov's main sources of wealth?

Ziyavudin Magomedov's main source of income comes from Port, Gas.

In which industry does Ziyavudin Magomedov primarily operate?

Ziyavudin Magomedov is primarily involved in the Energy industry.

What is Ziyavudin Magomedov educational background?

Ziyavudin Magomedov holds a Bachelor of Arts/Science from Moscow State University.

How old is Ziyavudin Magomedov?

Ziyavudin Magomedov is 57 years old.

How many children does Ziyavudin Magomedov have?

Ziyavudin Magomedov has 3 children.

Who is Ziyavudin Magomedov and how did he build his business empire?

Ziyavudin Magomedov is a Russian oligarch who amassed a vast business empire, particularly during Dmitry Medvedev's presidency. He is the former owner of Summa Group, a large diversified private holding, which thrived through acquisitions in sectors like port logistics, transport, infrastructure, and oil and gas, often leveraging his political ties and connections to high-profile officials like Arkady Dvorkovich.

What led to Ziyavudin Magomedov's arrest and sentencing?

Ziyavudin Magomedov was arrested in 2018 along with his brother on charges of embezzling state funds. In 2022, he was sentenced to an unprecedented term of 19 years in prison, which was later reduced to 18 years and 6 months, following accusations of paying multimillion-dollar bribes and engaging in corrupt practices.

How is Ziyavudin Magomedov connected to Vladimir Putin's regime?

Magomedov maintained close ties with key figures of Vladimir Putin's regime, including being personally invited by Russian Defense Minister Sergei Shoigu to join the board of trustees of the Russian Geographical Society, chaired by Putin. He was also associated with several high-profile Russian officials and oligarchs, indicating a deep integration with Putin's circle.

What are the main controversies surrounding the Novorossiysk Commercial Sea Port (NCSP) deal?

The main controversy surrounding the acquisition of a majority stake in NCSP by Ziyavudin Magomedov's Summa Group revolves around allegations of using the port's own funds for the purchase and a lack of transparency in the deal, which led to scrutiny and criticism.

What was the impact of Ziyavudin Magomedov's technology investments and how did they relate to his downfall?

Ziyavudin Magomedov's foray into technology investments, including stakes in Uber and Virgin Hyperloop One beginning in 2015, raised concerns about diverting funds from government contracts to ventures in countries considered hostile by Putin. These actions, alongside his combative negotiation style and disputes with state representatives, contributed significantly to his downfall and eventual arrest.