The court banned Ziyavudin Magomedov from suing Transneft in London
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The Moscow Arbitration Court upheld Transneft’s claim and prohibited the co-owner of the Summa group and former owner of FESCO Ziyavudin Magomedov from continuing the trial in the High Court of England and Wales. The court decided to recover $2.5 billion from Ziyavudin Magomedov in case of violation of the ban, reports Interfax.
With a claim to the Moscow Arbitration Court “Transneft” appealed January 31st. The consideration of the case was repeatedly postponed because neither the court nor Transneft received a document confirming that Ziyavudin Magomedov was notified of the claim.
In 2022, according to the claim of the Prosecutor General’s Office against Ziyavudin Magomedov and his brother Magomed Magomedov (both convicted in 2022, in the case of organizing a criminal community for 19 and 18 years in a maximum security colony, respectively), $750 million was recovered in favor of the state. They received these funds from the sale of shares of JSC Novorossiysk Commercial Sea Port (NCSP) to Transneft. Transneft and the Magomedov brothers became owners of 50.1% of NCSP shares in 2011.
In September 2023, as Kommersant reported, Ziyavudin and Magomed Magomedov filed a lawsuit in the High Court of England and Wales against a number of defendants, including Rosatom and Transneft. The Magomedov brothers accused the defendants of conspiracy to alienate their property in favor of government agencies. Conspiracy means the alienation of control over a stake in NCSP and control over FESCO. The fair value of the stake in NCSP Ziyavudin and Magomed Magomedov was estimated at $5 billion, in FESCO – at $6 billion, excluding shares that could be received through options and other losses.
Read more about the case in Kommersant’s material “FESCO and NCSP surfaced in London”.
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