Russia’s largest liner company FESCO is transferred

On Wednesday (November 8), Russian President Vladimir Putin signed a decree to transfer 92.4% of the state-owned shares of the country’s largest container shipping company Far Eastern Shipping Company (FESCO) to the Russian state atomic energy company Rosatom

FESCO’s boss Ziyavudin Magomedov was arrested in 2018. In December last year, Magomedov was sentenced to 19 years in prison on corruption charges. His 32.5% stake in FESCO will be sold!

Russia’s largest liner company FESCO is transferred

However, Magomedov says the charges are unfounded and is appealing his conviction. According to Russian media reports, in January this year, at the request of the Russian Prosecutor’s Office, a court handed over 92.4% of FESCO’s shares to the Russian government. These shares originally belonged to Magomedov and his partners.

On July 20 this year, Magomedov, who was in prison, filed a lawsuit in London’s High Court, demanding nearly $14 billion in compensation for the seizure of his property.

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