The Supreme Court recognized Ferrexpo as the legal owner of a 40% stake in Poltava GOK

The Grand Chamber of the Supreme Court (SC SC) of Ukraine at a meeting on Wednesday, April 19, canceled the decision of the Northern Economic Court of Appeal to invalidate the 2002 agreement on the sale and purchase of 40.19% of the shares of the Poltava Mining and Processing Plant (PGOK) to four companies - the former shareholders of the enterprise. This was reported to the court. This information was also confirmed by the press service of the Ferrexpo group.

In 2002, companies associated with the current owners of the plant - Eastcoast United Inc., Statex Corp., Newport Inc., Sayers Holdings Limited - acquired a 40.19% stake in Poltava GOK from four non-resident companies that are part of the VS Energy group. These are Gilson Investments, Calefort Developments, Emsworth Assets and Trimcroft Service.

In 2005, the former shareholders filed a lawsuit to invalidate the sale and purchase agreement and conduct additional issues. The dispute lasted for 10 years, and in February 2015 the Supreme Economic Court of Ukraine upheld the earlier decision of the Supreme Court of the country and the position of YuGOK, refusing the plaintiffs.

However, at the end of 2020, the former shareholders of the plant again challenged this agreement in court. In particular, on September 20, 2022, the Kyiv Court of Appeal invalidated the 2002 purchase and sale agreement for 40.19% of the shares of Poltava GOK. Ferrexpo, whose main shareholder is Konstantin Zhevago, challenged this decision.