Most investors steer clear of Russia’s troubled North Caucasus, where law enforcers are battling an Islamist insurgency. Except, that is, for rich Dagestanis who want to support their troubled homelands. Among them is Ziyavudin Magomedov (pictured), billionaire founder of Russia’s Summa group, who has encouraged a leading US business incubator to scout for innovative talent in Dagestan. Read more
Nikolai Tokarev, the president of Transneft, Russia’s state oil pipeline monopoly, rarely gives interviews let alone criticizes the company’s business partners in public. So it’s puzzling to see the former KGB officer airing complaints about the Summa Group, Transneft’s co-shareholder at Novorossiysk Commercial Sea port, Russia’s biggest stevedoring company. Read more
A new year, a new group of Russian companies that are slated for privatisation.
One of the first up looks to be Novorossiysk Commercial Sea Port, the country’s biggest port operator. Yet so far things haven’t exactly gone as advertised. And the plot is only getting murkier. Read more
By Catherine Belton and Stefan Wagstyl
The rise of Ziyavudin Magomedov’s Summa Group from little-known oil pipeline builder to co-owner operator of Russia’s biggest ports group is testimony to the appearance of a new generation of oligarchs in Russia, this time with close ties to Dmitry Medvedev, the outgoing president who now serves as prime minister.
Summa is positioning itself to benefit from a new state sell-off of assets being driven by Medvedev that could eventually lead to the biggest transfer of state ownership since the privatisations of the 1990s. Read more