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Kostin: VTB concerned over FESCO conflict, but not involved or willing to take over

Being the largest creditor of FESCO , VTB (MOEX: VTBR) is concerned over the dispute among its shareholders, although not involved in it. Neither is VTB interested in taking over this asset, VTB Chairman Kostin stated at a press conference on the sidelines of Russia Calling! Forum

Late last September, FESCO co-owner Ziyavudin Magomedov accused FESCO chairman of the board Leila Mammedzade and several other board members of attempts to thwart shareholders' meeting and colluding in FESCO hostile takeover. FESCO management denounced Magomedov's statement as speculation and rumour mongering. It became known in early October that Mark Garber's GHP Group had sold 23.8% in FESCO fearing consequences of the conflict and ongoing pandemic.

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