1 Dec 2022 20:47

Moscow court seizes Ziyavudin Magomedov's stake in FESCO transport assets

MOSCOW. Dec 1 (Interfax) - Moscow's Meshchansky District Court has seized the shares of FESCO Group's transport assets owned by Ziyavudin Magomedov, co-owner of the group, according to a sentence pronounced on Thursday.

According to the court verdict, the court forfeited to the state the shares owned by Magomedov in LLC Management Company Transport Group FESCO (part of the group), as well as the stakes in JSC Russian Troika, JSC Port Fleet, JSC Portaktiv, PJSC VMTP , Port Petrovsk, Fesco Bunker and others.

Moscow's Meshchansky District Court has sentenced Summa Group founder Ziyavudin Magomedov to 19 years in a high-security penitentiary on counts of the establishment of a criminal network and multibillion embezzlement of budget funds on Thursday. Magomedov was also sentenced to two years of restrictions and fined 2.5 million rubles. The court also deprived the businessman of his state awards, the Order of Friendship and the Order of Honor.

The FESCO Group did not comment on this report.

FESCO Transport Group is one of Russia's largest operators of port infrastructure with an integrated railway and logistics business. The group manages a container fleet of more than 100,000 TEU, and a fleet of fitting platforms exceeding 10,000 units. The fleet consists of 22 vessels, mainly operated on their own shipping lines.

According to the updated reports, Magomedov owns 32.5% of Far Eastern Shipping Company , the parent company of FESCO, Mikhail Rabinovich has 26.5%, and his partner Andrei Severilov has 23.8%. No information about the owners of the 17% of shares was disclosed.