Ukraine moves to nationalise Ferrexpo's Poltava mining plant
Ferrexpo in recent years has had to navigate various investigations into its main shareholder, sanctioned Ukrainian businessman and former politician Kostyantyn Zhevago, as Ukrainian authorities have tried to tackle corruption in a crackdown that continued after Russia's invasion in 2022.
On Thursday, the Ukrainian state bureau of investigations said it was preparing to lodge an appeal with Ukraine's justice ministry at the High Anti-Corruption Court, requesting the nationalisation of assets and corporate rights to the Poltava plant.
It said that according to its investigations the plant's management had misappropriated over 370 million hryvnias ($8.86 million), and that its property and corporate rights had been frozen as part of pre-trial investigations.
"The Company has not received any formal notification of such a claim and is working with its legal advisors to understand the situation," Ferrexpo in a statement.
"It is proposed to nationalise 541 real estate objects owned by the plant, as well as 172 land plots that are under early lease to the plant for 49 years," the bureau said in a statement.
"It is also proposed that the court consider the transfer of corporate rights for the amount of 49.5% of the authorised capital of Poltava mining and processing plant to the state."
Ferrexpo said in January it had noted media reports of accusations by the Ukrainian prosecutor's office against senior managers of its unit FPM over alleged illegal mining and sale of waste products.
The group said operations were unaffected by the legal case, and that FPM viewed the accusations as being "without merit".
Zhevago has repeatedly rejected accusations against him.
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