LONDON (dpa-AFX) - Ferrexpo Plc. (FXPO.L) said that a district court in Kyiv has placed a new restriction covering 50.3% of the shares in Ferrexpo Poltava Mining or FPM held by Ferrexpo AG Switzerland, the sole shareholder in FPM.
Ferrexpo AG will appeal this court order shortly.
The company noted that the new court order is similar to the court order that the Group announced on 31 January 2020 and that was subsequently cancelled by the Kyiv Court of Appeal on 2 June 2020.
Ferrexpo believes that a second appeal should be successful given that the order has no proper or reasonable basis under Ukrainian law.
The Group believes the restriction is in connection with ongoing matters in Ukraine involving Kostyantin Zhevago and one of the businesses he owned until 2015. Ferrexpo's operations remain unaffected as the share freeze does not affect ownership of the shares but prohibits their transfer.
In addition, Ferrexpo AG has no intention, and never has had any intention, to transfer its shareholding in FPM.
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