FESCO Transportation Group statement following the Moscow City Court decision to uphold the Tverskoy District Court of Moscow ruling to arrest the accounts of Commercial Port of Vladivostok (VMTP):
We are deeply disappointed with the court’s decision today. We see no reason for arresting of the accounts of VMTP. VMTP is the public company that acts in accordance with the current legislation and it is not involved in any infractions which can subject it to such measures. We will continue to appeal against court decision in accordance with the procedure established by law. We expect that the question will be quickly settled as the seizure of accounts bears risks of growth of social tension at Primorsky Krai where VMTP is one of the largest employers and taxpayers. The average salary of operational staff at VMTP exceeds 2-2,5 times the city average salary. Besides VMTP constantly supports socially important organizations of Primorsky Krai. The seizure of accounts also puts pressure upon business activities of VMTP, has negative impact on its reputation and can have significant negative impact on the competition level in the stevedoring market of the Far East as well. We use our best endeavors to ensure stable work of VMTP and fulfil obligations to our clients, partners and employees.
Operations at VMTP are conducted in a standard operating mode now, among others loading, discharching and stowing cargoes are carried out according to the schedule, liabilities to contractors and employees are fulfilled.