FESCO recovered from Ziyavudin Magomedov 80 billion rubles in damages
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On April 7, 2023, the Moscow Arbitration Court fully satisfied the claim of the Far Eastern Shipping Company (FESCO, the parent company of the FESCO group) to recover 80 billion rubles from the former beneficiary of the group, Ziyavudin Magomedov, and three foreign companies. and $13.78 million in losses. This is reported in the materials of the court, placed in the filing cabinet of arbitration cases.
FESCO filed a lawsuit in the fall of 2022. At the same time, FESCO issued a statement stating that, as a result of the financial audit, several debts “formed in the interests of the group of companies and their beneficiaries” were identified.
“Earlier, shareholders issued loans to the company to repay their debt on the purchase of securities of PJSC FESCO. Since now these debt obligations are not serviced, the management, taking into account the interests of all shareholders, decided to recover the funds through the courts,” the company said in a release. The debt burden could worsen the financial and operational performance of FESCO and harm the company and shareholders, it is indicated there.
FESCO also includes the largest container terminal in the Far East – the Vladivostok Commercial Sea Port, the rail transportation operator Transgarant and a fleet of cargo ships.
Magomedov and his partners bought out a controlling stake in FESCO from Sergey Generalov in 2012. The main financing was provided by the company itself under the leveraged buyout scheme (“financed buyout”).
Ziyavudin Magomedov and his brother Magomed Magomedov (a former member of the Federation Council from the Smolensk region) were arrested in March 2018 on charges of creating a criminal community, embezzling 11 billion rubles. and embezzlement on an especially large scale. In October 2022, the state prosecution demanded that Ziyavudin Magomedov be sentenced to 24 years in a strict regime colony, his brother to 21 years, assigning 1.5 million rubles to each. fine. The Magomedovs do not admit their guilt.
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