Ferrexpo plc

British company Ferrexpo plc.

Aktivs

Controls Poltava and Yeristovsky mining and processing plants (PGOK and EGOK) (Ukraine).

History

Ferrexpo reported a new court arrest of 49.5% of its subsidiaries in Ukraine

In March 2024, a Ukrainian court imposed restrictions on the corporate rights of all Ukrainian subsidiaries of the mining company Ferrexpo plc as part of an ongoing series of lawsuits against the largest owner of Ferrexpo, Konstantin Zhevago, regarding his bank Finance and Credit. This was reported by Interfax-Ukraine.

"These restrictions are imposed on 49.5% of the shares of the Ukrainian subsidiaries of the group, with the exception of TIS-Ruda LLC and Novaya-Logistics LLC, where the collective restriction is 24.7% and 25.2%, respectively," Ferrexpo said in a statement.

According to it, the restrictions do not affect the ownership of shares, but prohibit their transfer and restrict certain rights related to shares, including the right to vote.

The imposed restrictions differ from the restrictions related to the freezing of shares, which were previously announced on March 7, 2023 and September 21, 2023, the company also noted.

"Ferrexpo states that it has no intention and never intended to transfer shares of its subsidiaries. The group analyzes possible legal and other available remedies and intends to actively defend its rights, "the company said in a statement.

It also notes that Ferrexpo's operations continue unchanged, with further announcements to be made as needed.