MOSCOW, February 12. /TASS/. The Meshchansky District Court of Moscow has arrested Andrey Severilov, former Chairman of the Board of Directors of the FESCO Transportation Group, on charges of large-scale embezzlement, a participant in the court proceedings told TASS.

TASS has compiled the main details of the situation.

Charges

On Wednesday, Andrey Severilov and FESCO Group Vice President Boris Ivanov were detained in Moscow on suspicion of large-scale embezzlement.

They are suspected of embezzlement on an especially large scale (Part 4, Article 160 of the Russian Criminal Code), law enforcement agencies told TASS.

The penalties under this article include imprisonment for up to ten years and a fine of up to 1 million rubles ($12,949)

The investigation is underway.

Company response

FESCO management has been informed of the detention of Ivanov and Severilov, the company's press service reported.

The company is providing the necessary assistance to law enforcement agencies, the statement noted.

About FESCO

FESCO Transportation Group is one of Russia's largest transport and logistics companies, providing container shipping by sea, rail, and road.

The company operates shipping in the Pacific, Atlantic, and Arctic Oceans.

The Group owns its own fleet, the Vladivostok Commercial Sea Port, railway rolling stock, a container fleet, and terminal facilities in Novosibirsk, Khabarovsk, Vladivostok, and Tomsk.