UPDATE: Court arrests assets, accounts of 24 firms under Summa case

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MOSCOW, Jul 30 (PRIME) -- The Tverskoi District Court of Moscow has arrested assets and accounts of 24 companies under a case against multi-industry holding Summa Group, a prosecutor said on Monday.

The arrest was imposed on banking accounts for Femsta, Fesco-Service, Fesco-Bunker, Fesco-YeRTS, Elevator and on assets of Mezhozyornoye, Far Eastern Grain Capital, Severnoye Siyaniye+ and other companies.

The Moscow City Court ruled valid arrest of the stakes and accounts of the Magomedov brothers in 16 companies. The court considered pleas to remove arrest from about 10 companies but turned them down.

A spokesperson for Far-Eastern Shipping Company, or FESCO, whose units were arrested, said that the material assets of the group are not under arrest and that the company will contest arrest of its accounts.

“As we have said earlier, we see no reason to arrest our accounts as a restrictive measure in the framework of investigation of the criminal case which is unrelated to the group. We will contest the court decision and we hope for a quick settlement of the case,” the official said.

On March 31, the Tverskoi District Court of Moscow sanctioned arrest of brothers Ziyavudin and Magomed Magomedov, co-owners of Summa Group, on charges of a 2.5 billion ruble embezzlement. It also arrested Artur Maksidov, CEO of Summa’s construction subsidiary Inteks, on charges of 669 million ruble embezzlement.

(62.9726 rubles – U.S. $1)

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