Court Rejects Russian Tycoon's $14 Billion Appeal

The English Court of Appeal has turned down a bid from incarcerated Russian businessman Ziyavudin Magomedov, denying him the right to contest a decision that dismissed his substantial $14 billion lawsuit against the Russian oil pipeline giant Transneft and other involved parties.

Magomedov lodged his legal suit at London's High Court, arguing that his detention in 2018 on allegations of embezzlement was part of a state-fueled attempt to divest him of shares in valuable port operations. Earlier in January, Transneft, along with the US equity firm TPG and others, succeeded in having his lawsuit blocked.

A spokesperson for Magomedov expressed, "Massive losses have clearly been incurred by Mr. Magomedov due to the actions against him. He is determined to pursue justice and an equitable resolution wherever possible." Notably, Magomedov, who once governed an expansive business conglomerate across oil, gas, and logistics, remains steadfast amid accusations that he labels as baseless, having already been sentenced to 19 years of incarceration.

(With inputs from agencies.)