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5 Mar 2025 07:00
5 March 2025
FERREXPO Plc
("Ferrexpo" or the "Group")
Response to SBI Statement
Ferrexpo Plc (LSE: FXPO) notes the statement released on 4 March 2025 by the State Bureau of Investigation in Ukraine (SBI) stating that the Pecherskyi District Court of Kyiv has granted a request of the Prosecutor General's Office of Ukraine to transfer 49.5% of the corporate rights of Ferrexpo Poltava Mining to Ukraine's Asset Recovery and Management Agency ("ARMA"). The statement also makes reference to the transfer to ARMA of corporate rights in a further 15 undisclosed legal entities.
The SBI statement notes that the transfer of the corporate rights of Ferrexpo Poltava Mining is in connection with on-going legal cases in Ukraine relating to the alleged embezzlement of funds from Bank Finance & Credit, a Ukrainian bank previously owned by Mr Zhevago which was declared insolvent in 2015. Bank Finance & Credit has never been part of the Ferrexpo Group.
The Group reiterates that Mr Zhevago does not own any shares in Ferrexpo Poltava Mining, which is in fact 100% owned by Ferrexpo AG (incorporated in Switzerland), which is in turn 100% owned by Ferrexpo Plc.
No Ferrexpo Group company has received any official documentation or requests from the Ukrainian authorities with regards to the decision of the Pecherskyi District Court of Kyiv and have not seen a copy of the court decision. The details of the court decision are therefore unclear at this stage and the Company is working with its legal advisors to further understand the situation.
The operations of the Group remain unaffected. Further updates will be made on the situation as and when appropriate. This announcement contains inside information. The person responsible for the release of this announcement is Mark Gregory, Group Company Secretary.
For further information, please contact:
Ferrexpo: |
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Nick Bias | n.bias@ferrexpo.ch | +44 (0)7733 177 831 |
Tavistock: |
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Jos Simson Gareth Tredway | ferrexpo@tavistock.co.uk | +44 (0)207 920 3150 +44 (0)7785 974 264 |
Notes to Editors:
About Ferrexpo: Ferrexpo is a Swiss headquartered iron ore company with assets in Ukraine and a listing in the equity shares commercial companies category on the London Stock Exchange (ticker FXPO) and a constituent of the FTSE 250 and FTSE4Good indices. The Group produces high grade iron ore pellets, which are a premium product for the global steel industry and enable reduced carbon emissions and increased productivity for steelmakers when converted into steel, compared to more commonly traded forms of iron ore. Ferrexpo's operations have been supplying the global steel industry for over 50 years. Before Russia's full-scale invasion of Ukraine in February 2022, the Group was the world's third largest exporter of pellets. The Group has a global customer base comprising of premium steel mills around the world. For further information, please visit www.ferrexpo.com.
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