В FESCO пришли следователи

Summa Owners Arrested

  • Ziyavudin Magomedov and Magomed Magomedov, co-owners of Summa Group, which owns FESCO Group and is a shareholder in Novorossiysk Commercial Sea Port (still a shareholder, as there was no information on closing the deal with Transneft, which is buying Summa’s share in NCSP), were arrested in Moscow on Saturday.

    They are reported to be accused of fraud and embezzlement, the damage is estimated to make ‘at least 2.5 bn rubles’, according to the Russian business daily Kommersant.

    FESCO has confirmed in a statement that a number of the group companies’ offices in Moscow and Vladivostok have been raided, the investigators requested certain documents, which were provided.

    FESCO said the investigative actions were not linked to the group companies’ business activities and management, an none of the staff were put into custody.

    The current situation does not affect FESCO’s operations, the group stated.


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