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LONDON - Ferrexpo plc (LSE: LON:FXPO), a mining company, reported on Wednesday that it has formally notified Ukraine of potential claims under international investment agreements between Ukraine and the United Kingdom (TADAWUL:4280), as well as Ukraine and Switzerland. The company and its subsidiary, Ferrexpo AG, allege that Ukraine’s actions against its Ukrainian subsidiaries breach the UK-Ukraine Bilateral Investment Treaty (BIT) and the Swiss-Ukraine BIT.
The notification follows a series of legal challenges faced by Ferrexpo in Ukraine, including the freezing of shares, the arrest of its railway wagon fleet, and the freezing of bank accounts. The company disclosed that over ten significant civil and criminal cases are currently open against it in Ukraine, with actions taken by the Ukrainian state bodies and courts deemed adverse to the Ferrexpo Group.
Ferrexpo has not received any official documentation from Ukrainian authorities regarding a recent court decision to transfer a portion of corporate rights of Ferrexpo Poltava Mining to Ukraine’s Asset Recovery and Management Agency. The company also highlighted that these legal proceedings have been marred by procedural defects and due process violations.
The company contends that the Ukrainian government’s measures are without merit, asserting that they are contrary to Ukrainian law and unrelated to any legitimate pursuit of cases against Mr. Konstantin Zhevago, who does not own shares in Ferrexpo’s Ukrainian entities.
In response to what it describes as unreasonable and discriminatory actions, Ferrexpo has requested Ukraine to lift these measures and enter into negotiations. The company has made it clear that the notification aims to outline the alleged breaches of Ukraine’s obligations under the BITs and to initiate discussions to resolve the issues.
Ferrexpo operates primarily through its subsidiaries, including Ferrexpo Poltava Mining, and is managed by directors for the benefit of its shareholders, which include institutional investors, pension funds, and private individuals.
The company has stated it will provide further updates when appropriate. This news is based on a press release statement from Ferrexpo.
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