Announcement 10/02/2020

02 October 2020
FESCO (parent company of the FESCO Group, ‘FESCO’), as the majority shareholder of the Commercial Port of Vladivostok (CPV PJSC), reports on illegal actions of the acting General Director of CPV.
On 30 September 2020 a notice of the debtor's intention to apply to the arbitration court with a petition for bankruptcy was published on behalf of Hadzhimurat Omarov, the General Director of CPV. The notice was posted by an unauthorized person on behalf of the company without any legal grounds. Therefore, the actions of Hadzhimurat Omarov will be considered by the law enforcement authorities for constituent elements of offence under Art. 197 of the Criminal Code of the Russian Federation – knowingly false public announcement about insolvency (bankruptcy) of a legal entity.

In addition, the notification contains unreliable conclusions about the financial condition of CPV based on an indicator such as target EBITDA which is not a valid basis as the EBITDA is not part of either Russian or international accounting standards. In addition, EBITDA reflects only profit before deduction of expenses and does not reflect other assets of the company and funding sources. Bankruptcy law does not use EBITDA to determine the signs of bankruptcy. Thus, the conclusion based on EBITDA and the amount of liabilities to one of the creditors in invalid.

In accordance with the bankruptcy law, the manager shall file a debtor's application to an arbitration court if there are signs of insolvency and (or) insufficiency of assets. CPV does not meet any of these criteria, therefore, there was no grounds for posting this notification.

CPV is currently undergoing a corporate procedure of changing a general director. After the procedure is completed, the notice of the debtor's application to the arbitration court with a bankruptcy petition posted on the portal of the Unified Federal Register of Legally Relevant Information on the Facts on Activities of Legal Entities will be canceled.

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