Page 51 - UKRRptNov20

8.3 ​Stock market
8.3.1 ​Equity market dynamics
The Kyiv Court of Appeal has dismissed an appeal by​ ​Ferrexpo​ AG to cancel a restriction on a 50.3% stake in the shares of Ferrexpo Poltava Mining​, the main production asset of Ferrexpo plc (FXPO LN), the company said in an Oct. 6 statement. This announcement means that the restriction covering 50.3% of the shares in FPM remains effective, according to Ferrexpo’s statement. Ferrexpo’s operations remain unaffected as the freeze does not affect the shares' ownership, but prohibits their transfer, the company said. Recall, on June 19 Ferrexpo announced that a Kyiv district ​court has placed restrictions on the 50.3% stake in FPM​ after Ferrexpo ​won its appeal on June 2 against the previous analogous restrictions​. Recall, on June 10 a Kyiv district court allowed for the arrest of Kostyantin Zhevago, Ferrexpo’s majority owner and former CEO, ​for the second time​ after this court’s previous decision was ​overturned in an appellate court on May 25​. Citing Ukraine’s State Deposit Guarantee Fund, Interfax-Ukraine said on June 10 ​the restriction was related to the criminal investigation​ into alleged embezzlement from the failed F&C Bank, in which Zhevago was a majority owner. Zhevago owns a 50.3% stake in Ferrexpo plc, Ferrexpo plc owns 100% of Ferrexpo AG, and Ferrexpo AG owns 100% of FPM.
51​ UKRAINE Country Report​ November 2020 ​ ​www.intellinews.com