• 22/04/2024 21:42

Ferrexpo announced a new judicial arrest of 49.5% of the shares of its subsidiaries in Ukraine

A Ukrainian court has imposed restrictions on the corporate rights of all Ukrainian subsidiaries of the mining company Ferrexpo plc as part of an ongoing series of legal proceedings against the largest owner of Ferrexpo Konstantin Zhevago in relation to his bank Finance and Credit. Interfax-Ukraine reports this.

Ferexpo reported a new judicial arrest of 49.5% of the shares of its subsidiaries in Ukraine

Read the Ministry of Finance on Instagram: the main news about investments and finance

“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 limit is 24.7% and 25.2%, respectively,” the statement says. Ferrexpo message.

According to it, the restrictions do not affect the ownership of shares, but prohibit their transfer and limit certain rights associated with the shares, including voting rights.

The introduced restrictions differ from the restrictions related to the stock freezes previously announced on March 7, 2023 and September 21, 2023, the company also noted.

“Ferrexpo states that it does not intend and has never intended to transfer shares of its subsidiaries. The Group is reviewing possible legal and other available remedies and intends to vigorously defend its rights,” the company statement noted.

It also notes that Ferrexpo’s operations continue unchanged and further announcements will be made as necessity.

Falling shares

Ferrexpo's share price has fallen 2.3% since Wednesday morning to 45.54 pence, after rising 8.2% the day before when the company reported good operating results in February.


FGVFL in early January of this year filed a lawsuit in the economic court of Kiev against Zhevago for compensation for losses of Finance and Credit and its creditors in the amount of almost 46 billion UAH.

This damage was caused to the bank by systematically lending to borrowers associated with Zhevago and transferring funds to non-resident companies owned by him without adequate security, which has signs of fictitiousness, the fund claims.

On March 3, the Economic Court, as an interim measure, decided to seize assets Zhevago in the amount of 50.3% of the authorized capital of three enterprises: PJSC Poltava GOK, LLC Eristovsky GOK and LLC Bilanovsky GOK, indirectly owned by him through Ferrexpo.

At the same time, March 10 2023 Ferrexpo reported that as a result of the transfer of 9.513 million treasury shares to the Employee Benefit Trust (TVS), Zhevago’s share in the company, which he owns through Fevamotinico Sarl, decreased from 50.3% to 49.5%.


Ferrexpo is an iron ore company with assets in Ukraine. Ferrexpo owns 100% of the shares of PJSC Poltava GOK, 100% of the shares of LLC Eristovsky GOK and 99.9 percent of LLC Bilanovsky GOK.

Ferrexpo in the first half of 2023 reduced its net profit by three times – to $27.01 million for a 2.8-fold drop in revenue to $334.01 million, and its EBITDA fell 7.6 times to $63.64 million.


Leave a Reply

Your email address will not be published. Required fields are marked *