January 19 2025

The High Court of England and Wales found it lacked jurisdiction to hear the case

On January 17, 2025, the High Court of Justice of England and Wales (London) issued a decision to refuse to consider the claim of Ziyavudin Magomedov and a number of persons controlled by him against the state corporation “Rosatom”, FESCO and a number of other defendants to recover about $8 billion for lost shares in FESCO. This was reported by the “Rosatom” press service.

The case was considered since September 2023. The basis of the claim was the plaintiffs’ allegations about the alleged conspiracy of the defendants regarding the buyout of Ziyavudin Magomedov’s assets at a reduced price in the interests of the “state-controlled” state corporation “Rosatom”. Having studied the materials and heard the positions of the parties, the High Court of England and Wales found that it did not have jurisdiction to consider this case.

Earlier, on January 17, it also became known that the High Court of England and Wales supported the position of PJSC “Transneft” in similar claim by Ziyavudin Magomedov to recover $5 billion from the company in connection with the sale of shares of the Novorossiysk Commercial Sea Port in 2018.

Reference

In late November 2022, brothers Ziyavudin and Magomed Magomedov were sentenced to 19 and 18 years in a maximum security penal colony on charges of organizing a criminal community, fraud and embezzlement. The court confiscated the block of shares of DVMP (the parent company of the FESCO transport group) belonging to Ziyavudin Magomedov in favor of the state. In November 2023, 92.4% of the company’s shares were transferred from federal ownership to the state corporation “Rosatom”.

Source: https://portnews.ru/news/372476/