Locko-Bank’s co-owner buys 17.4% in FESCO from TPG Capital

MOSCOW, Nov 20 (PRIME) -- Mikhail Rabinovich, co-owner of Locko-Bank, has bought a 17.4% stake in Russia’ Far-Eastern Shipping Company (FESCO) from TPG Capital, FESCO said in a statement on Friday.

The decision was made at a repeated annual general meeting (AGM) of FESCO’s shareholders.

“U.S. company TPG Capital has withdrawn from the shareholders of shipping group FESCO. Its 17.4% stake was bought by businessman Mikhail Rabinovich, co-owner of Locko-Bank. The deal was carried out at market conditions,” the statement read.

The shipping company initially planned to hold an AGM on September 30, but it was cancelled due to a lack of quorum as representatives of companies affiliated with Ziyavudin Magomedov did not submit ballots for voting. Another AGM was scheduled for Monday.

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. Companies of Mark Garber, one of the controlling shareholders of GHP Group, owned 23.8% in FESCO, but Garber sold the shares in early October due to the shareholder conflict.

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