the Swiss iron ore company with headquarters in Ukraine Ferrexpo Plc said Friday that a Ukrainian court has imposed restrictions on the sale of 50.3 per cent stake in Ferrexpo Poltava Mining(FPM), owned by Ferrexpo AG Switzerland, the sole shareholder FPM in one of the mining enterprises of the company.
the Swiss subsidiary of Ferrexpo AG Switzerland filed an appeal against the decision of the court, said message the London office of Ferrexpo Plc. According to the company, a temporary restriction related to the issues concerning the former General Director Konstantin Zhevago and divisions of the Bank "Finance and credit", which he owned until 2015.
"the Limit does not affect the ownership of shares, but prohibits their transfer. Activities of Ferrexpo remains unchanged and continues as normal. In addition, Ferrexpo AG does not intend and never intended to transfer his share in the FPM," said the company.
Board of Ferrexpo believes that the appeal should be successful, given the recommendation that the constraint is appropriate or reasonable grounds in accordance with the legislation of Ukraine.
as soon As the outcome of this appeal will be known, Ferrexpo will inform the market accordingly.
Ferrеxpo plc owns 100% of Ferrexpo AG, which in turn owns 100% of shares in Poltava GOK, 100% of the shares of the eristovsky GOK and 99.9% of Belanovsky GOKa.