Summa Group denies report that it will sell stake in UGC
Russia’s Summa Group on Oct. 26 denied that it is in talks to sell its stake in United Grain Company (UGC), according to a report from Reuters.
In a statement released on Friday, Summa said its owner, Ziyavudin Magomedov, still holds a 49% stake in UGC.
RIA news agency reported earlier this week that Russian lender VTB would buy the stake, citing UGC Chief Executive Mikhail Kiyko.
Earlier this year, Magomedov along with his brother, Magomed Magomedov, were arrested and charged with seven counts of embezzlement.
According to police reports, contractor Globalelektroservis, previously owned by Summa, is alleged to have stolen $9.91 million from the Federal Network Company.
The Magomedov brothers have denied the charges.
Summa Group is a private holding company with significant investments in port logistics, engineering, construction, telecommunications and the oil and gas sector.
It is a shareholder of some of Russia’s largest port assets, including the Port of Novorossiysk.