Shares of Summa Group’s firms fall on arrest of co-owner Magomedov

MOSCOW, Apr 2 (PRIME) -- Shares of companies of Summa Group – Commercial Port of Vladivostok, Novorossiysk Commercial Sea Port (NCSP), and railway container operator TransContainer – fell on the Moscow Exchange on Monday following arrest of Summa’s co-owner and chairman of the board of directors Ziyavudin Magomedov.

According to the Moscow Exchange, Commercial Port of Vladivostok fell 18.4%, TransContainer shrank 3.8%, and NCSP fell 2.9% as of 10.11 a.m. Moscow time, when the MOEX Russia Index has gained 0.2%.

Commercial Port of Vladivostok is a part of Summa Group’s Far Eastern Shipping Company (FESCO), which owns 25.07% in TransContainer. Summa controls a 50.1% stake in NCSP on a parity basis with oil pipeline monopoly Transneft.

On Saturday, the Tverskoi District Court of Moscow sanctioned arrest of Magomedov and his brother, Magomed Magomedov, on charges of embezzlement of 2.5 billion rubles, and also arrested Artur Maksidov, CEO of Summa’s construction subsidiary Inteks, on charges of embezzlement of 669 million rubles.

(57.2649 rubles – U.S. $1)

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