Ziyavudin Magomedov says US buyout group unlawfully sold stake in port business
email rounding up the latestA jailed Russian oligarch is seeking almost $14bn in damages in London’s High Court from defendants including US private equity group TPG over an alleged Kremlin-led conspiracy to seize his assets.claimed in filings made public this week that TPG founder David Bonderman was part of a conspiracy to sell a stake in Fesco, which controls the Pacific port of Vladivostok, that Magomedov was entitled to.
Late last year the brothers were sentenced to 19 and 18 years in prison respectively on organised crime and embezzlement charges. They remain in Moscow’s infamous Lefortovo prison, which the FSB security service uses for defendants in the Russian political elite, pending appeal. A spokesperson for TPG said: “We consider these claims, which relate to a legitimate and proper transaction, to be entirely without merit. We intend to defend ourselves vigorously against such allegations.”
But Magomedov claims TPG sabotaged the deal because it had already agreed to sell the stake to Rabinovich, while DP World instead decided to partner on Fesco with Rosatom. The governor of Vladivostok subsequently told workers at the port that Rosatom was to become the operator and, ultimately, the owner of Fesco, according to the claim.
Fesco announced that TPG had sold its stake to Rabinovich just over a week later. He continued to co-own the company until January 2023, when a Moscow court nationalised 92.4 per cent of Fesco’s shares.
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