The court removed the arrest from 49.99% of the shares of FESCO, which belonged to the companies of Ziyavudin Magomedov

The Moscow Arbitration Court lifted the arrest from a 49.99% stake in PJSC Far Eastern Shipping Company (FESCO; parent company FESCO), which belonged to the Cypriot companies Smartilicious Consulting Ltd and Enviartia Consulting Ltd. Companies from Cyprus, in turn, are controlled by the convicted founder of the Summa group of companies (owns 32.5% of FESCO shares) Zayavudin Magomedov, RIA Novosti reports with reference to the court ruling.

The arrest of these shares was imposed as part of interim measures under the claim of FESCO for the recovery of more than 80.1 billion rubles from Magomedov and five foreign companies. and about $13.8 million Arbitration Court satisfied lawsuit and recovered funds from the convicted businessman and four of the five defendant companies. Among them are GS Universal Investment Holdings Ltd (British Virgin Islands), Cypriot Maple Ridge Ltd, Smartilicious and En. The court refused to recover funds from Felix LP (Cayman Islands).

In connection with the satisfaction of the claim, the need for interim measures disappeared, therefore, on July 24, the FESCO filed a petition with the Arbitration Court to cancel them.

December 1, 2022 Meshchansky Court of Moscow sentenced brothers Ziyavudin and Magomed Magomedov to 19 and 18 years in prison and fines of 2.5 million rubles each, having found them guilty of creating an organized criminal community (part 1 of article 210 of the Criminal Code of the Russian Federation), especially large-scale fraud (part 4 of art. 159 of the Criminal Code of the Russian Federation) and embezzlement (part 4 of article 160 of the Criminal Code of the Russian Federation).

Erdni Kagaltynov