FESCO says cancels AGM on lack of shareholders appearance

MOSCOW, Jun 25 (PRIME) -- Russia’s Far-Eastern Shipping Company (FESCO) had cancelled an annual general meeting (AGM) of its shareholders scheduled for Wednesday because only a few shareholders appeared, the company said in a statement on Friday.

“We announce the general meeting of shareholders void. … The reason for the announcement of the general meeting of shareholders void – the lack of quorum for holding an annual general meeting of shareholders,” the statement read.

The company had to cancel its AGM in October 2020 due to the same reason. FESCO said then that representatives of Ziyavudin Magomedov, the one of the core shareholders of the company, did not submit ballots for voting.

Magomedov owns a 32.5% stake in FESCO. He and his brother Magomed Magomedov have been under arrest since March 2018 on accusations of organizing a crime ring and embezzlement. The other core shareholders are Andrei Severilov, chairman of the board of its directors, with a 23.8% stake, and Mikhail Rabinovich, co-owner of Locko-Bank, with 17.4%.

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