Exiled oligarch Zhevago’s Ferrexpo comments on ruling to seize assets
Kostyantin Zhevago (Photo:FERREXPO)
Swiss-based commodity-trading and mining company Ferrexpo has commented in a statement released on March 7 on a court decision to seize billionaire Kostyantin Zhevago's shares in three of the company's mining and processing plants in Ukraine.
Ferrexpo said that the restrictions placed on the stakes are part of a series of ongoing lawsuits against Zhevago, and are related to ongoing cases in Ukraine involving the businessman and one of the companies he owned until 2015 (Bank Finance and Credit).
The company added that it had previously successfully appealed a similar sanction applied to Ferrexpo AG shares in Poltava Mining.
Earlier, media reported that the court had sanctioned Zhevago's stake in three mining and processing plants, which are operating subsidiaries of Ferrexpo AG. The decision was made in connection with the attempt by the Ukrainian Deposit Guarantee Fund to sue for funds that the state spent on payments to depositors and creditors of Zhevago’s Bank Finance and Credit.
The Economic Security Bureau served a notice of suspicion to the chief accountant of Ferrexpo Poltava Mining, owned by Zhevago.
In turn, company management stated that as of Feb. 2, 2023, no top manager of the company had been charged in accordance with the current legislation of Ukraine.
Ferrexpo later reported that a top manager had been issued a notice of suspicion only on the evening of Feb. 3.
In September 2022, NV reported that the Court of Appeals in Ukraine had invalidated the sale and purchase agreement of a 40.19% stake in Poltava Mining, concluded 20 years ago. The shares were transferred to the former owners — companies from the VS Energy group, which have Russian ties.
Ferrexpo owns 100% of Poltava Mining, 100% of Yeristovo Mining, and 99.9% of Bilanivsky Mining.
Ferrexpo shares are listed on the main market of the London Stock Exchange.
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