Espreso. Global
Updated

Russian Musaev becomes shadow owner of Forbes, WP reports. Ukrainian editorial board denies

23 October, 2023 Monday
15:43

A former employee of the Moscow government, Russian developer and investor of Dagestani origin, Magomed Musaev, has fully acquired the Forbes media conglomerate. The Ukrainian edition denies this information

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The Washington Post reported the information, citing five audio recordings and a video recording containing a confession from the businessman.

"I just bought global Forbes. You understand when you have in your hands the key to the most authoritative global brand, this key will give me access to anyone," Musaev says in one of the recordings.

Formally, the agreement is registered in the name of an American, Austin Russell. According to the documents, he paid $800 million for the controlling stake in Forbes.

The seller was the Hong Kong-based Integrated Whale Media Investments (IWMI), which bought Forbes Media from the Forbes family back in 2014.

When asked by the Washington Post to comment on the information about his direct involvement in the deal, Musaev called this statement "absolute nonsense."

Forbes Ukraine's response

Later, on October 23, Forbes Ukraine issued a statement denying that the deal to acquire the entire Forbes media group by Russian oligarch Magomed Musaev had taken place.

"In May 2023, American billionaire Austin Russell announced the acquisition of an 82% stake in Forbes Global Media Holdings, the parent company of the world-famous magazine. Austin Russell categorically denies the presence of Russian capital in the consortium involved in the transaction," the statement reads. 

In addition, it adds that the deal to acquire 82% of Forbes Global Media Holdings is being reviewed by the US authorities.

"It is under scrutiny by US regulators, including the Committee on Foreign Investment in the United States (CFIUS) under the US Treasury Department," the statement says. 

Forbes is a global brand with a 100-year history and an impeccable reputation.

"Any actions that undermine this legacy are unacceptable," Forbes Ukraine said.

  • In 2018, he bought out Forbes Russia.

  • Magomed Musaev is the son-in-law of Ramazan Abdulatipov, the former Kremlin-controlled president of Dagestan (Russia).

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