Zhevago, Ferrexpo's largest shareholder was arrested in
France last December on request of Ukraine in relation to
embezzlement charges amidst President Zelenskiy's wider
crackdown on oligarchs.
The businessman, one of Ukraine's richest men, told the
court he did nothing wrong and should not be extradited.
A Ukraine appeal court had last year, declared the share
buyback invalid and had asked the company to transfer those
shares to former shareholders of FPM.
Earlier this year, Ukraine had ordered freezing of FPM's
bank accounts as a part of another ongoing probe related to the
potential underpayment of iron ore royalties by the company.
(Reporting by Shivansh Tiwary in Bengaluru; Editing by Rashmi
Aich)
(Adds shares, background)
April 20 (Reuters) - Ukraine-focused pellet producer
Ferrexpo Plc said on Thursday the Supreme Court in the
country ruled in its favour in a case related to a share
repurchase concluded in 2002, sending the company's shares 5.2%
higher in early trade.
Ferrexpo, which has all its operations in Ukraine, has faced
multiple legal hurdles and taken a hit to its production due to
logistical constraints and infrastructure damages arising out of
Russia's invasion of the country.
The claim brought by four claimants requested to invalidate
an agreement in relation to the repurchase of about 40.2% of
shares in the company's Ukraine subsidiary, Ferrexpo Poltava
Mining (FPM) which was sold to its former CEO Kostyantin Zhevago
and other parties.
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