Update Regarding Subsidiary's Accounts in Ukraine

RNS Number : 0899P
Ferrexpo PLC
07 February 2023
 

 




 

 


7 February 2023     

Ferrexpo plc

("Ferrexpo" or the "Company" or the "Group")

Update Regarding Subsidiary's Bank Accounts in Ukraine

Ferrexpo plc (LSE: FXPO), a producer and exporter of high grade iron ore pellets to the global steel industry, with operations in central Ukraine, announces that it has received notification in Ukraine of a court order issued at the request of the prosecutor in Ukraine to freeze the bank accounts belonging to one of its subsidiaries in Ukraine (being Ferrexpo Poltava Mining, "FPM"). This action is linked to the ongoing investigation in Ukraine that relates to the potential underpayment of iron ore royalty payments during the years 2018 to 2021 (the "Investigation"), details of which were most recently disclosed in the Group's 2022 Interim Results.

Ferrexpo denies all accusations made as part of the Investigation, and confirms that it has consistently operated in accordance with the legal and fiscal frameworks of Ukraine. As such, the Group is seeking to resolve matters through the Ukrainian legal system and will appeal the above decision.

The Group has consistently followed the established legal due process for such disputes, and the Group has fully cooperated with local authorities throughout this process to date.

Furthermore, the Group notes that the nature of the Investigation is similar to two separate investigations previously faced by other major international metals and mining companies operating within Ukraine.

 

For further information, please contact:

Ferrexpo:



Rob Simmons

r.simmons@ferrexpo.ch

+44 207 389 8305

Tavistock:



Jos Simson

Emily Moss

Gareth Tredway

ferrexpo@tavistock.co.uk

+44 207 920 3150

+44 7785 974 264

 

About Ferrexpo:

www.ferrexpo.com .

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