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Seladore Legal LLP: Jailed Russian businessman, Ziyavudin Magomedov files US$14 billion claim in the English High Court against TPG, DP World, Transneft, Rosatom and others, alleging Russian state-led conspiracy
- Transport and logistics titan Magomedov was arrested in 2018
- He and his brother subjected to 4 years pre-trial detention in notorious Lefortovo prison
- The brothers are appealing conviction and 19-year custodial sentence for alleged financial crimes
- Magomedov’s High Court conspiracy claim is one of the largest lawsuits ever brought in the English courts as he strives for compensation for the business empire manoeuvred into Russian state hands
- His losses include a controlling stake in FESCO, one of Russia’s most important strategic port and cargo businesses including the Port of Vladivostok
- Defendants include US-based TPG, the major private equity firm, as well as ports and cargo giant DP World, key Russian state companies and other alleged conspirators
- Wall Street magnate David Bonderman, TPG’s Chairman, is accused of misleading Magomedov at the same time as TPG was unlawfully undermining his right to a controlling stake in FESCO by selling its shares in the business to alleged co-conspirators
- Claim spearheaded by litigation specialist firm, Seladore Legal, alongside two leading KCs from Brick Court Chambers
- Further litigation into other huge and allegedly unlawful asset-seizures may follow
LONDON, Sept. 27, 2023 /PRNewswire/ — A businessman wrongly jailed in Moscow has launched international legal action to seek redress from companies and individuals that have allegedly colluded in and profited from his legal persecution in Russia.
Texas Pacific Group (TPG), the US private equity giant, ports multinational DP World and a number of Russian state companies are amongst the major corporations facing conspiracy allegations filed at the UK High Court by Ziyavudin Magomedov, who was incarcerated in 2018 on embezzlement charges which he emphatically denies.
Mr Magomedov – whose businesses include high-profile tech investments in the US and Europe – was given a 19-year jail sentence in December 2022, having already spent more than four years in prison awaiting trial. Simultaneously, he is fighting concerted efforts by prosecutors and business rivals to confiscate his estimated multibillion-dollar business empire.
Mr Magomedov co-owned the vital NCSP port in Novorossiysk which handles Russia’s oil and grain exports from the Black Sea. Mr Magomedov also owned the two largest grain terminals in Russia and is entitled to a majority and controlling shareholding in the FESCO conglomerate, owner of numerous strategic transport assets in Russia, including the port of Vladivostok. The legal action, filed at the Commercial Court in London, details how the defendants have allegedly worked in concert with powerful interests within the Russian state to systematically deprive Mr Magomedov of both FESCO and NCSP, at the same time as depriving him of his liberty.
The legal claim conservatively estimates the value of the claimants’ interest in FESCO at $8.8 billion, and their interest in NCSP at $5.0 billion. The combined claim of $13.8 billion it is the largest ever claim brought in the English High Court outside the collective redress regime.
The claim has been filed at the Commercial Court of England and Wales, a subdivision of the King’s Bench Division of the High Court of Justice. The case number is CL-2023-000401.
Beyond that, Mr Magomedov held substantial additional assets, including grain terminals, that were expropriated and are understood to have fallen into the hands of well-connected figures in the Russian establishment. Since the conflict in Ukraine began, these assets have frequently been mentioned for their strategic importance to Russia’s war effort. Mr Magomedov reserves the right to pursue additional legal remedies in England (or elsewhere) in relation to these assets. Such a step could see the estimated value of his claims rise to at least $30 billion.
Mr Magomedov remains detained in Lefortovo, the maximum-security prison which became the focus of global media interest in April 2023, when it was used to incarcerate Evan Gershkovich, the Wall Street Journal reporter accused by Russia’s authorities of spying.
The criminal charges levelled against Mr Magomedov related to alleged embezzlement of funds arising from public procurement contracts, including some that related to infrastructure required for the 2018 football World Cup, hosted by Russia. The prosecuting authorities claimed the alleged embezzlement caused 11 billion roubles of damage to the state and third parties (approximately $110 million at today’s exchange rates). Mr Magomedov strenuously denies all accusations of wrongdoing.
The prosecution was brought initially by Lt Col Nikolai Budilo, an individual subject to international sanctions relating to his involvement in the proceedings against lawyer Sergei Magnitsky, who died in custody. In 2019, the prosecution was handed over to the FSB, Russia’s security service. At the FSB’s request, significant parts of Mr Magomedov’s trial were heard in private and without media reporting.
Mr Magomedov was convicted in December 2022. His brother Magomed and other co-accused were also handed lengthy prison sentences. The conviction is being appealed.
Further information about Mr Magomedov and the legal claim can be found at www.ziyavudin-magomedov.info.
About the claim
US-based TPG – long term JV partners of Mr Magomedov in FESCO, and led by Mr Magomedov’s former friend David Bonderman – are amongst the defendants accused of conspiring in a fraud. The private equity giant was contractually obliged to offer its FESCO shares to Mr Magomedov when it quit the investment in the face of the campaign against him. Instead of fulfilling that contractual obligation, TPG engineered the sale of the stake to one of the alleged chief architects of the conspiracy, businessman Mikhail Rabinovich, whom Mr Magomedov says is a proxy for the Russian state-owned ROSATOM, according to the claim. It is alleged that TPG struck a secret deal with Rabinovich whilst Mr Magomedov was behind bars.
TPG also allegedly worked with other conspirators to keep Mr Magomedov in the dark and thwart attempts that he might have made to resist the unlawful transaction. The firm did this despite personal reassurances sent by Bonderman to Mr Magomedov when he was in jail, it is alleged. Bonderman sent a personal note to Mr Magomedov in November 2020, falsely asserting that TPG had “not ‘colluded’ with any other buyers or indeed acted to favour any other buyer in any way”, according to the claim.
Rabinovich is accused of acting on behalf of ROSATOM, Russia’s state nuclear energy company, and DP World, the UAE-based port and cargo operator. Rabinovich, ROSATOM and DP World are all defendants in the case, having allegedly conspired to benefit from a concerted raid on Mr Magomedov’s holdings in FESCO that featured intimidation by state officials, bribery and the misconduct of some FESCO directors.
Pipeline company Transneft, another well-known state enterprise in Russia, is meanwhile accused of playing a key role in seizing NCSP from Mr Magomedov’s control. According to the claim, Mr Magomedov was arrested the day after a meeting between Nikolai Tokarev, Transneft’s president, and Tokarev’s reported friend and former KGB colleague Vladimir Putin. Once Mr Magomedov was detained, Tokarev and his allies allegedly said they would speak to Putin to halt the prosecution if he sold his stake at a knock-down price.
Ziyavudin Magomedov’s legal team
Seladore Legal is one of London’s leading law firms for major and complex litigation and arbitration. Founded by former Herbert Smith and Latham & Watkins practice head Simon Bushell in 2019, Seladore’s partnership comprises some of London’s most senior and knowledgeable litigators, with experience of the biggest civil fraud, white-collar and commercial cases of recent years. Seladore featured in the most recent Legal 500 guide which described the boutique firm as being “of the highest calibre” and possessing “great know-how within a very close knit group“.
The firm has instructed Tim Lord KC of Brick Court Chambers to act as lead counsel in these proceedings. He has more than 30 years’ experience in commercial disputes and is widely recognised as one of the most accomplished cross-examiners in the London Bar. He was Chambers & Partners’ Commercial Litigation Silk of the Year in both 2013 and 2018, and has been described as “one of the top five advocates of his generation”.
STOCKHOLM, April 5, 2024 /PRNewswire/ — EQT AB’s Q1 Announcement 2024 will be published on Thursday 18 April 2024 at approximately 07:30 CEST. EQT will host a conference call at 08:30 CEST to present the report, followed by a Q&A session.
The presentation and a video link for the webcast will be available here from the time of the publication of the Q1 Announcement.
To participate by phone and ask questions during the Q&A, please register here in advance. Upon registration, you will receive your personal dial-in details.
The webcast can be followed live here and a recording will be available afterwards.
Information on EQT AB’s financial reporting
The EQT AB Group has a long-term business model founded on a promise to its fund investors to invest capital, drive value creation and create consistent attractive returns over a 5 to 10-year horizon. The Group’s financial model is primarily affected by the size of its fee-generating assets under management, the performance of the EQT funds and its ability to recruit and retain top talent.
The Group operates in a market driven by long-term trends and thus believes quarterly financial statements are less relevant for investors. However, in order to provide the market with relevant and suitable information about the Group’s development, EQT publishes quarterly announcements with key operating numbers that are relevant for the business performance (taking Nasdaq’s guidance note for preparing interim management statements into consideration). In addition, a half-year report and a year-end report including financial statements and further information relevant for investors is published. Finally, EQT also publishes an annual report including sustainability reporting.
Contact
Olof Svensson, Head of Shareholder Relations, +46 72 989 09 15
EQT Shareholder Relations, [email protected]
Rickard Buch, Head of Corporate Communications, +46 72 989 09 11
EQT Press Office, [email protected], +46 8 506 55 334
This information was brought to you by Cision http://news.cision.com
https://news.cision.com/eqt/r/invitation-to-presentation-of-eqt-ab-s-q1-announcement-2024,c3956826
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- Kia drives forward transformation into ‘Sustainable Mobility Solutions Provider’
- Roadmap enables Kia to proactively respond to uncertainties in mobility industry landscape, including changes in EV market
- Company to expand EV line-up with more models; enhance HEV line-up to manage fluctuation in EV demand
- Goal to sell 1.6 million EVs annually in 2030, introducing 15 models
- PBV to play a key role in Kia’s growth, targeting 250,000 PBV sales annually by 2030 with PV5 and PV7 models
- Kia to invest KRW 38 trillion by 2028, including KRW 15 trillion for future business
- 2024 business guidance : KRW 101 tln in revenue with KRW 12 tln in operating profit; operating profit margin of 11.9% on sales of 3.2 million units globally
- CEO reaffirms Kia’s commitment to ESG management
SEOUL, South Korea, April 5, 2024 /PRNewswire/ — Kia Corporation (Kia) today shared an update on its future strategies and financial targets at its CEO Investor Day in Seoul, Korea.
Based on its innovative achievements in the years since the announcement of mid-to-long-term business initiatives, Kia is focusing on updating its 2030 strategy announced last year and further strengthening its business strategy in response to uncertainties across the global mobility industry landscape.
During the event, Kia updated its mid-to-long-term business strategy with a focus on electrification, and its PBV business. Kia reiterated its 2030 annual sales target of 4.3 million units, including 1.6 million units of electric vehicles (EVs). The 2030 4.3 million annual sales target is 34.4 percent higher than the brand’s 2024 annual goal of 3.2 million units.
The company also plans to become a leading EV brand by selling a higher percentage of electrified models among its total sales, including hybrid electric vehicles (HEV), plug-in hybrid (PHEV), and battery EVs, projecting electrified model sales of 2.48 million units annually or 58 percent of Kia’s total sales in 2030.
“Following our successful brand relaunch in 2021, Kia is enhancing its global business strategy to further the establishment of an innovative EV line-up and accelerate the company’s transition to a sustainable mobility solutions provider,” said Ho Sung Song, President and CEO of Kia. “By responding effectively to changes in the mobility market and efficiently implementing mid-to-long-term strategies, Kia is strengthening its brand commitment to the wellbeing of customers, communities, the global society, and the environment.”
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VANCOUVER, BC, April 4, 2024 /PRNewswire/ — BioVaxys Technology Corp. (CSE: BIOV) (FRA: 5LB) (OTCQB: BVAXF) (the “Company“) is providing this bi-weekly update on the status of the management cease trade order granted on February 29, 2024 (the “MCTO“), by its principal regulator, the Ontario Securities Commission (the “OSC“), under National Policy 12-203 – Management Cease Trade Orders (“NP 12-203“), following the Company’s announcement on February 21, 2024 (the “Default Announcement“), that it was unable to file its audited annual financial statements for the year ended October 31, 2023, its management’s discussion and analysis of financial statements for the year ended October 31, 2023, its annual information form for the year ended October 31, 2023, and related filings (collectively, the “Required Annual Filings“). Under National Instrument 51-102, the Required Annual Filings were required to be made no later than February 28, 2024.
As a result of the delay in filing the Required Annual Filings, the Company was unable to file its interim financial statements for the three months ended January 31, 2024, its management’s discussion and analysis of financial statements for the three months ended January 31, 2024, and related filings (collectively, the “Required Interim Filings“). Under National Instrument 51-102, the Required Interim Filings were required to be made no later than April 1, 2024.
The Company anticipates filing the Required Annual Filings by April 30, 2024. The auditor of the Company requires additional time to complete its audit of the Company, including the Company’s recent acquisition of all intellectual property, immunotherapeutics platform technologies, and clinical stage assets of the former IMV Inc. that closed on February 16, 2024. In addition, the Company anticipates filing the Required Interim Filings immediately after the filing of the Required Annual Filings.
Except as herein disclosed, there are no material changes to the information contained in the Default Announcement. In addition, (i) the Company is satisfying and confirms that it intends to continue to satisfy the provisions of the alternative information guidelines under NP 12-203 and issue bi-weekly default status reports for so long as the delay in filing the Required Annual Filings and/or Required Interim Filings is continuing, each of which will be issued in the form of a press release; (ii) the Company does not have any information at this time regarding any anticipated specified default subsequent to the default in filing the Required Annual Filings and Required Interim Filings; (iii) the Company is not subject to any insolvency proceedings; and (iv) there is no material information concerning the affairs of the Company that has not been generally disclosed.
About BioVaxys Technology Corp.
BioVaxys Technology Corp. (www.biovaxys.com), a biopharmaceuticals company registered in British Columbia, Canada, is a clinical-stage biopharmaceutical company dedicated to improving patient lives with novel immunotherapies based on the DPX™ immune-educating technology platform and it’s HapTenix© ‘neoantigen’ tumor cell construct platform, for treating cancers, infectious disease, antigen desensitization, and other immunological fields. The Company’s clinical stage pipeline includes maveropepimut-S which is in Phase II clinical development for advanced Relapsed-Refractory Diffuse Large B Cell Lymphoma (DLBCL) and platinum resistant ovarian cancer, and BVX-0918, a personalized immunotherapeutic vaccine using it proprietary HapTenix© ‘neoantigen’ tumor cell construct platform which is soon to enter Phase I in Spain for treating refractive late-stage ovarian cancer. The Company is also capitalizing on its tumor immunology know-how and creation of a unique library of T-lymphocytes & other datasets post-vaccination with its personalized immunotherapeutic vaccines to utilize predictive algorithms and other technologies to identify new targetable tumor antigens. BioVaxys common shares are listed on the CSE under the stock symbol “BIOV” and trade on the Frankfurt Bourse (FRA: 5LB) and in the US (OTCQB: BVAXF). For more information, visit www.biovaxys.com and connect with us on X and LinkedIn.
ON BEHALF OF THE BOARD
Signed “James Passin“
James Passin, Chief Executive Officer
Phone: +1 646 452 7054
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