the Appeal court of Kiev has removed restrictions from 50.3% stake in Ferrexpo Poltava Mining (FPM), established in January on the case of former people's Deputy of Ukraine Konstantin Zhevago and the Bank "Finance and Credit".
"the court of Appeal of Kiev completely satisfied appeal of Ferrexpo AG. This means that the restriction covering 50.3 per cent stake in Ferrexpo Poltava Mining, was repealed. The decision of the Kyiv court of appeal is the Supreme court decision in this matter, and, as such, it is the final stage of the appeals process," - said the press service of Ferrexpo.
HaveKrajina court set limit for sale 50,3% stake in Ferrexpo Poltava Mining(FPM), owned by Ferrexpo AG Switzerland 31 January 2010.
the Swiss subsidiary of Ferrexpo AG Switzerland filed an appeal against the decision of the court. 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.
In 2015 Zhevago, who at that time was the owner of the Bank "Finance and Credit", concluded with the National Bank of Ukraine (NBU) contract of guarantee on repayment of refinancing loans in several loan agreements, taking care of personal obligations to repay the debt financial institutions.
In December 2015, the NBU has applied to the court to recover the debt in court. 17 September 2015 the NBU has adopted a decision on the classification of Bank "Finance and Credit" in the category of the insolvent. At the time of this decision, the shareholder of the Bank was Konstantin Zhevago, who indirectly owned shares in 97,67% of the shares.
Ferrexpo - the Swiss iron ore company with assets in Ukraine. The main activity is the manufacture and export of high quality iron ore pellets used in the manufacture of steel.
PGOK - the underlying asset quoted on the London stock exchange British mining company plc Ferrеxpo: it owns 100% of Ferrexpo AG, which in turn owns 100% of shares in Poltava GOK, 100% of the eristovsky GOK and 99.9% of Belanovsky GOKa.
Group Ferrexpo is the largest producer and exporter of pellets among countries b. Of the Soviet Union. In 2017, the company produced 10.4 million tons of iron ore pellets. The main customers are steel mills from Austria, Germany, Japan, South Korea, Taiwan, China, Slovakia, Czech Republic, Turkey, Vietnam and the United States.
Shares Ferrexpo is listed on the main market of the London stock exchange.