The Economic Court of Kyiv, at the request of the Deposit Guarantee Fund for Individuals, arrested funds in all accounts and property belonging to Konstantin Zhevago as the ex-owner of the Finance and Credit bank, which was withdrawn from the market, in the case of the recovery of UAH 46 billion from him. The court adopted the corresponding decision to secure the claim on July 17, 2024 in the framework of case No. 910/268/23, Interfax-Ukraine reports.
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According to the case materials, on July 15, 2024, through the “Electronic Court” system, a statement was received from the representative of the plaintiff (FGVFL, ed.) to take measures securing the claim by seizing the funds belonging to the defendant, located in his accounts in all banking institutions, as well as property belonging to him within the limits of the amount of the claim.
The application of the Deposit Guarantee Fund for securing the claim is fully satisfied. 796 thousand 953.50 UAH,” is stated in the determination.
The resolution on taking measures to secure the claim, which came into force on July 17, 2024, is subject to immediate execution in the manner established by the current legislation of Ukraine for the execution of legal decisions, and can be submitted for execution in the manner prescribed by current legislation until July 17, 2027. The document comes into force from the moment of its signing and can be appealed.
In another ruling, on July 10, 2024, the Kyiv Economic Court rejected Ferrexpo AG, which applied on July 3 to cancel measures to secure the claim for 1% in the part owned by Zhevago, from 50.3% in the group’s enterprises to 49.5%, since its share had changed.
“In support of the submitted petition (taking into account clarifications dated July 9, 2024), the representative of Ferrexpo AG indicates that, in accordance with the published financial statements of Ferrexpo Plc, as of April 18, 2024, Fevalotinico SaRL owns 49.3% of the issued shares, and therefore, the measures to secure the claim adopted by the decision of the Economic Court of Kiev dated March 3, 2023 should be canceled in terms of the seizure in terms of the prohibition of the alienation of 1% of the shares of PJSC PGOK and LLC EGOK, LLC BGOK. from the case materials.
However, the court noted: the claim was previously imposed on the 50.3% share of the shares, and subsequently there was a dilution (reduction) of the Ferrexpo shares owned by Fevamotinico SaRL, which, in turn, is wholly owned by Minco Trust, the ultimate beneficial owner of which is the defendant ( Zhevago, ed.).
“The court notes that actions to reduce the share controlled by the defendant in the authorized capital of third parties during the validity of the court ruling on such a ban directly contradict the requirements of the current legislation and indicate bad faith in the behavior of the participants in the trial “, is stated in the case materials.
As a result, the court refused to satisfy Ferrexpo AG’s petition for partial cancellation of the measures to secure the claim, adopted by the decision of the Kyiv Economic Court dated March 3, 2023 in case No. 910/268/23.
As reported, the Supreme Court of Ukraine in the composition of the panel judges of the Economic Court of Cassation considered the cassation appeal of Ferrexpo AG against the ruling of the Northern Economic Court of Appeal and refused to open cassation proceedings, leaving in force the arrest of 50.3% of the share in its mining and processing complex imposed on the security. FGVFL on the recovery of 46 billion UAH from Zhevago as the ex-owner of the Finance and Credit bank withdrawn from the market. This decision was made on June 13, 2024.
Previously it was reported that Ferrexpo in courts of various instances is trying to cancel the arrest of 50.3% of shares in its mining and processing enterprises, taken as an interim measure in the claim of the Federal State Property Fund for the recovery of 46 billion from Zhevago UAH
Ferrexpo is an iron ore company with assets in Ukraine. Ferrexpo owns 100% of the shares of PJSC Poltava Mining and Processing Plant, 100 percent of the shares of LLC Eristovsky Mining and Processing Plant, and 99.9 percent of the shares of LLC Bilanovsky Mining and Processing Plant.
