Court confiscates FESCO shares owned by Ziyavudin Magomedov
Co-owner of Summa Group Ziyavudin Magomedov was sentenced to 19 years in prison
The Meshchansky Court of Moscow confiscated the shares of the FESCO Transportation Group, owned by the co-owner of the Summa Group, billionaire Ziyavudin Magomedov, who was sentenced to 19 years in prison. According to the court’s sentence, the arrested property of the convicts is subject to confiscation, including the shares of FESCO, according to TASS.
According to the investigation findings, the crimes were committed by a criminal gang created not later than in 2010 in Moscow and lead by the heads of the holding company Summa. According to investigators, more than RUB 11 billion were stolen under state contracts and agreements concluded with companies controlled by Ziyavudin and Magomed Magomedov between 2010 and 2016.
FESCO Transportation Group is one of the leading public transportation and logistics companies in Russia with operations in ports, rail, integrated logistics and shipping business. Diversified but integrated asset portfolio enables FESCO to provide door-to-door logistics solutions and control almost all steps of the intermodal transportation value chain. FESCO controls the Commercial Port of Vladivostok, rail operators Transgarant and Dalreftrans, operator of container platforms Russkaya Troyka, dry terminal facilities in Novosibirsk, Khabarovsk and Tomsk. FESCO’s fleet numbers 22 vessels deployed primarily on its own sea service lines. Key shareholders of FESCO with direct or indirect ownership are Andrey Severilov – 23.8% of shares, Mikhail Rabinovich – 26.5%, Ziyavudin Magomedov – 32.5%. About 17% of shares are in free circulation or held by other shareholders.
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