Court refused to arrest Ziyavudin Magomedov’s shares worth RUB 80 bln as interim measure under lawsuit of Far Eastern Shipping Company
According to the court's ruling, “purely subjective fears of an entity on violation of its rights and lawful interests are not sufficient”
Arbitration Court of Moscow refused to introduce interim measures under a lawsuit of Far Eastern Shipping Company, parent company of FESCO Transportation Group, to Ziyavudin Magomedov and some companies for over RUB 80.1 billion and about $13.8 million, according to the published court's ruling.
Apart from Ziyavudin Magomedov, the defendants in a lawsuit are SGS Universal Investment Holdings Ltd (British Virgin Islands), Felix L.P. (Cayman Islands) as well as Maple Ridge Ltd, Smartilicious Consulting Ltd and Enviartia Consulting Ltd (Cyprus).
According to the court's ruling, “purely subjective fears of an entity on violation of its rights and lawful interests are not sufficient – evidence should be provided to the court to justify such fears”.
According to FESCO, the 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. “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 earlier.
Far East Shipping Company (FESCO) is a parent company of FESCO Transportation Group, one of the leading public transportation and logistics companies in Russia with operations in ports, rail, integrated logistics and shipping business. FESCO Transportation Group 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 operates over 100,000 containers and about 10,000 container platforms. FESCO’s fleet numbers 22 vessels deployed primarily on its own sea service lines.
Related link:
FESCO files lawsuit against Ziyavudin Magomedov for RUB 80 billion>>>>
