FESCO’s stake purchase deal by Summa Group may fail, sources say

The acquisition of a 56% stake in Far Eastern Shipping Company» (FESCO) owned by Sergei Generalov’s Industrial Investors by Summa investment and trading group of Ziyavudin Magomedov may not take place, two sources familiar with the matter told PortNews.

Both Sergei Generalov’s representatives and Summa Group have refuted the information.

Summa’s Vice President for PR Konstantin Panin told PortNews: "This information is untrue and there have been no grounds or reasons to cancel the transaction."