Jailed Billionaire Sues Rival Co. Over Alleged Corporate Raid

By Lucia Osborne-Crowley (May 11, 2021, 6:24 PM BST) -- A company owned by jailed Russian businessman Ziyavudin Magomedov is suing a rival firm over an alleged corporate raid at transportation giant FESCO, after the shipping company launched a $1 billion arbitration to claw back loans from Magomedov.

Sian Participation Corp., a British Virgin Isles-based investment vehicle owned by Magomedov, is suing Russian company Domidias in the High Court for allegedly failing to follow through on a 2012 agreement to sell a Domidias subsidiary called Merbau to Sian for an initial $400,000.

Sian told the court that Domidias agreed to sell the entire share capital of Merbau in 2012. The deal to sell...

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