June 28, 2018 / 7:58 PM / in 2 months

Russian tycoon Magomedov steps down from Virgin Hyperloop One board

MOSCOW (Reuters) - Russian tycoon Ziyavudin Magomedov, arrested on embezzlement charges, has stepped down from the board of Virgin Hyperloop One, a spokesman for the U.S. tech venture told Reuters.

FILE PHOTO: Ziyavudin Magomedov, the co-owner of Russia's Summa investment and trading group that was involved in construction of a soccer World Cup venue in Kaliningrad, attends a hearing on his detention at the Tverskoy District Court in Moscow, Russia March 31, 2018. REUTERS/Tatyana Makeyeva

Magomedov, who had invested in Virgin Hyperloop One through venture fund Caspian VC, was arrested in Russia in March on charges of embezzling more than $35 million. The businessman denies the charges.

“We can confirm Mr. Magomedov has not been a board member since May 16th. Caspian Ventures is still an investor and has representation on our board,” the spokesman said.

He added that Magomedov had not been co-executive chairman since 2017 when British billionaire and founder of the Virgin Group, Richard Branson, became the company’s sole chairman.

Virgin Hyperloop One develops super high-speed transportation systems. Magomedov’s company Summa declined to comment.

Reporting by Gleb Stolyarov; writing by Maria Kiselyova

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