on Saturday, Russian authorities arrested billionaire Ziyavudin Magomedov on charges of embezzling more than $35 million dollars. It is one of the highest-profile prosecutions of a Russian tycoon in years.
Magomedov denied the charges at a pre-trial hearing. A judge ordered that he be held in custody until May 30.
One of Russia’s richest men, the 49-year-old Magomedov holds assets in construction and logistics through his sprawling Summa Group. He also has investments in U.S. tech ventures.