UK court rejects jailed Russian mobster’s $14 billion lawsuit against TPG Transneft

LONDON (Reuters) – U.S. private equity firm TPG and Russian state companies Rosatom and Transneft have won a bid to block a $14 billion London lawsuit against jailed tycoon Ziyavudin Magomedov over alleged extortion.

Magomedov sued the companies and several others at London’s High Court, claiming he was arrested in 2018 on money laundering charges.

The defendants all denied the charges and last year argued that the case should be thrown out, TPG lawyers accused Magomedov of fabricating “false allegations”.

Judge Robert Bright ruled in a written ruling that there was “no serious case” against TPG or Transneft and that any case against Rosatom should not be heard in London.

Magomedov’s spokesman said: “Naturally, we are disappointed with the decision and intend to ask for permission to appeal.”

A TPG spokesperson said the company is “pleased to put this baseless case behind us.”

Magomedov once controlled everything from port logistics to oil and gas through the Suma Group conglomerate he founded with his brother Magomed.

But the brothers were arrested on charges of money laundering and organized crime.

Magomedov, who was sentenced to 19 years in prison in 2022, will be held in the Kirov penal colony, 900 km (560 miles) east of Moscow, according to a court filing last year.

Magomedov said the charges against him were groundless and he appealed his conviction.

(Reporting by Sam Tobin Editing by Sachin Ravikumar and Peter Graf)