Moscow City Court confirms withdrawal of FESCO shares by Ziyavudin Magomedov – Kommersant

The Moscow City Court (Mosgorsud) ruled to leave unchanged the decision of the first instance on the conversion of FESCO shares into state revenue at the suit of the Prosecutor General’s Office of the Russian Federation against the founder of the Summa group of companies (owns 32.5% of FESCO shares) Zayavudin Magomedov, Magomed Magomedov and several individuals and legal entities persons, writes Interfax. By decision of the Khamovnichesky Court of Moscow dated January 11, ordinary book-entry shares of PJSC Far Eastern Shipping Company (the parent company of FESCO; FESCO) were turned into state revenue.

The lawsuit was filed with the aim of converting FESCO shares into state revenue, which remained in commercial circulation after Zayavudin Magomedov’s share was confiscated as part of the verdict in the case of a criminal community. The prosecutor’s office pointed out that the seized shares of FESCO were bought with income received during the period when Magomed Magomedov was a senator. The influence in the group through such actions and the influence on the operating activities of the company, the Magomedov brothers kept and hid with the help of controlled persons.

The defendants were the Magomedov brothers, as well as other shareholders.

The court seized these assets, as well as the shares of the transport divisions of FESCO (Ziyavudin Magomedov) – FESCO Transport Group LLC, shares in Russian Troika JSC, Port Fleet JSC, VMTP PJSC, Port Petrovsk, etc.

As previously reported by Kommersant, now the state is obliged to sell a stake in Ziyavudin Magomedov. Interlocutors of “Kommersant” call the group “Delo” and “Rosatom” potential buyers.

More about this – in the material “Kommersant” “The shares were confiscated”.

Grigory Leiba