FESCO files lawsuit against Ziyavudin Magomedov for RUB 80 billion
A decision to file a lawsuit was made upon completion of the two-year-long financial audit of the company
Arbitration Court of Moscow has registered a lawsuit of Far Eastern Shipping Company, parent company of FESCO Transportation Group, to Ziyavudin Magomedov and some companies for RUB 80.1 billion, according to the court's catalogue.
It was registered on 25 October 2022 with no proceedings having been instituted yet.
“A decision to file a lawsuit was made upon completion of the two-year-long financial audit of the company conducted in pursuance of the BoD order given in September 2020. The analysis revealed a number of debts formed in the interests of the group of companies and their beneficiaries. Previously, some shareholders took loans from the company to repay their debts on the purchase of Far Eastern Shipping Company’s securities. Since now these debt obligations are not being serviced, the management, decided to recover the debts through the courts taking into account the interests of all shareholders. Otherwise, the debt burden may significantly decrease financial and operational performance of Far Eastern Shipping Company affect the Group and its shareholders due to the need of servicing a non-core debt,” FESCO told journalists.
