MOSCOW (Reuters) -The English Court of Appeal has refused jailed Russian tycoon Ziyavudin Magomedov permission to appeal against a decision that threw out his $14 billion lawsuit against Russian oil
English Court Denies Russian Tycoon Appeal in Transneft Lawsuit
MOSCOW (Reuters) -The English Court of Appeal has refused jailed Russian tycoon Ziyavudin Magomedov permission to appeal against a decision that threw out his $14 billion lawsuit against Russian oil pipeline monopoly Transneft and other firms, the company said.
Magomedov sued the company and several others at London's High Court, alleging his 2018 arrest on embezzlement charges prompted a Russian state-supported scheme to strip him of his holdings in valuable port operators.
In January, Transneft, as well as U.S. private equity firm TPG and other companies, won their bid to block Magomedov's London lawsuit.
Transneft said late on Wednesday that the English Court of Appeal denied Magomedov permission to appeal the ruling.
"It is clear from the English process that there are massive losses which Mr Magomedov has suffered as a result of wrongdoing against him. He will continue to seek justice and a fair outcome wherever he can," a spokesperson for Magomedov said.
Magomedov once controlled an empire ranging from port logistics to oil and gas through his Summa Group conglomerate, which he founded with his brother Magomed.
But the brothers were arrested on embezzlement and organised crime charges in one of the most high-profile prosecutions of its kind in years.
Magomedov was sentenced to 19 years in jail in 2022. He says the charges against him are unfounded and unsuccessfully appealed against his conviction.
(Reporting by Vladimir SoldatkinEditing by Mark Potter)
