Page 157 - RusRPTFeb23

partially offset by the sale of PGMs from inventories accumulated in 2022.
All in all, we see the results as neutral for the stock. Market participants are far more interested in the dividend outlook, which remains uncertain.
9.2.15 Transport corporate news
The Khamovnichesky District Court of Moscow appropriated the shares of the Far-Eastern Shipping Company, the head company of the FESCO Group, to the state at the suit of the Prosecutor General's Office, Mikhail Osherov, a lawyer of defendant Ziyavudin Magomedov, told PRIME on January 11. “The judge satisfied the claim in full,” he said. The confiscated shares amounted to 92.4% of the total package, as follows from the decision of the Khamovnichesky District Court of Moscow. Far-Eastern Shipping Company said in a statement that it was not a defendant, but a third party in a case in which its shares were appropriated, and plans to appeal against the Khamovnichesky District Court’s decision. The Magomedov brothers were arrested under an embezzlement case in 2018 and the arrest was prolonged several times since then. In December 2022, the court sentenced Ziyavudin Magomedov to 19 years in a strict regime colony for establishing a criminal gang and stealing 11bn rubles. His brother, former senator Magomed Magomedov, was sentenced to 18 years.
9.2.16 Other sector corporate news
157 RUSSIA Country Report February 2023 www.intellinews.com