IAE MATERIAL
FESCO and a stake in NCSP
The case materials describe the seizure of stakes in FESCO and the sale of a stake in NCSP to Transneft for US$750 million, followed by the transfer of the proceeds to the state.
The case concerning Ziyavudin and Magomed Magomedov covers assets of the FESCO transport group and a stake in NCSP. The case file provided states that the NCSP stake was sold to Transneft for approximately US$750 million in October 2018 and that the proceeds were later transferred to the state. The materials also describe the seizure of FESCO stakes.
These details reflect the client-provided case file; it does not state separate asset valuations or FESCO’s current ownership structure.
Source: client-provided Case No. 12 file.
Photo: U.S. Department of State / Wikimedia Commons; public domain in the United States.