Far Eastern Shipping Co, the parent company of FESCO Transportation Group, as instructed by the Company Board, has lodged a complaint requesting that a number of the company’s shareholders repay the loans they were issued. The loans were later used to acquire the Group’s assets.
Lawsuits against companies presumed to be related to Ziyavudin Magomedov were filed with the London Court of International Arbitration by a subsidiary of FESCO, the Group said in a statement.
“The complaints are lodged in accordance with the targets set by the Company Board for the new top management of the Group. These actions can improve the financial indicators of the company and have a positive effect for FESCO’s partners and creditors. Earlier, the new top management was instructed to revise the Group’s business plan and update the market presence strategy, to provide for liquidity growth and long-term financial viability of all key businesses of FESCO.”