The Commercial Court of Russia’s Sakha Republic has scheduled a hearing of two bankruptcy applications against Yatec, or the Yakut Fuel and Energy Company, a subsidiary of Summa Group, for April 17, according to court records.
The claims have been filed by the Russian Agricultural Bank and businessman Pavel Zalin.
In January, the court commenced a supervision procedure in relation to the Yakut Fuel and Energy Company on the request of a local company named King-95.
Moreover, Russia’s Sberbank has filed two applications seeking to collect over 4.1 billion rubles ($61.5 million) in debt from the troubled Yakut energy company.
Summa Group owner Ziyavudin Magomedov and his brother Magomed were arrested in April last year. Investigators claim they were involved in the organization of a gang, embezzlement of 2.5 billion rubles (about $38 million at the current exchange rate) from the state budget and withdrawal of some of these assets abroad.
Magomed Magomedov is also charged with illegal weapon possession. They have been detained along with ex-CEO of construction company Intex, Arthur Maksidov.
At the same time, it was revealed that the Magomedov brothers had been additionally charged with embezzling 300 million rubles ($4.6 million) during the construction of a highway in South Siberia in September 2014. They have pleaded not guilty to the charges.
Moreover, according to investigators, French authorities have opened a tax evasion case against the ex-wife of Ziyavudin Magomedov Olga, who owns several restaurants in France. No other details have been disclosed.