UK Court Dismisses $14 Billion Magomedov Lawsuit

A London High Court has ruled in favor of private equity firm TPG and Russian state-owned companies Rosatom and Transneft, dismissing jailed tycoon Ziyavudin Magomedov's $14 billion lawsuit. Magomedov, who was arrested in 2018 on embezzlement charges and sentenced to 19 years in prison, alleged that his arrest was part of a conspiracy to strip him of his assets, particularly his interests in a key port operator. The defendants denied the allegations, with TPG's legal team labeling the claims as absurd and fabricated. Judge Robert Bright ruled that there was 'no serious issue to be tried' against TPG or Transneft, and any claims against Rosatom should be heard in Cyprus instead. Magomedov expressed disappointment with the ruling and plans to appeal. His legal troubles have stemmed from a broader context of political and business conflicts in Russia, with Magomedov claiming his charges are unfounded.