Russia steps in! The largest fishing company in the Far East may be fully taken over

According to a ruling announced on August 27, the Arbitration Court of the Far Eastern Maritime Border Region has officially accepted the case and will hold a hearing on September 19. The assets involved include the fishing quotas of 8 trawling fishing boats and 5 crab fishing boats. Vostok-1 currently employs around 1,000 people and is one of the largest fishing enterprises in the Far East. The defendants in this lawsuit include not only the founder, Valery Shegnagayev, but also his 5 family members, the current CEO Alexander Saifulin, and three companies registered abroad: North Pacific Corporation in the United States, Oriental Pacific Co. in South Korea, and Global Seafood Corporation. The prosecution believes that these foreign entities actually control Vostok-1, thereby violating Russian laws prohibiting foreign control of fishing enterprises. In fact, this is not the first time Russia has taken action against Far Eastern fishing companies. In recent years, authorities have ...