Ferrexpo says Ukrainian court rules 2002 share deal invalid

Ferrexpo’s FPM mine. (Image courtesy of Ferrexpo)

Ukraine-focused pellet producer Ferrexpo Plc said on Tuesday an appeal court has ruled that a share sale from 2002 was invalid, and a 40.19% stake in Ferrexpo Poltava Mining (FPM) should be transferred to the former shareholders of FPM.

The company said it was exploring all options, including its right to appeal the decision to the Supreme Court of Ukraine.

Four former shareholders of FPM have filed claims to invalidate a share purchase deal from 2002, in which a more than 40% stake in FPM was sold to its former Chief Executive Officer Kostyantin Zhevago and other parties.

(By Yadarisa Shabong)

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