The Russian government has taken control of the biggest stake in domestic shipowner Fesco after billionaire owner Ziyavudin Magomedov was jailed.

Interfax reported that Moscow’s Meshchansky District Court seized the 32.5% controlled by the co-owner of Summa Group and handed the stock to the government in a long-running embezzlement case.

The Moscow-listed container ship and multipurpose company has a market cap of RUB 90bn ($1.45bn),