Ferrexpo continues to defend the right to own shares of Poltava GOK. The agreement to purchase 100% of the securities was signed back in 2002. However, 20 years later, the former owners are trying to prove in court that 40% of them were acquired with a number of violations, and the deal is allegedly invalid.

Ferrexpo representatives assure that the transaction was transparent and absolutely legal. And offshore companies that have a Russian trace are suing them. What is known about the arguments of both sides, says Channel 24 .

Judicial red tape has been going on since 2005. Earlier, the Supreme Economic Court came to the defense of Ferrexpo. In 2022, the Northern Economic Court of Appeal ruled that the contract for the sale and purchase of Poltava GOK shares in 2002 was invalid. The case is now pending in the Supreme Court.

The Supreme Court heard arguments from both sides

Ferrexpo's position remains strong. First, the 2002 agreement is quite legal and transparent. Secondly, the preliminary decision of the Court of Appeal violates the rights of the company.

In addition, over more than 20 years of activity, Ferrexpo has modernized the Poltava GOK to the European level. Today, the enterprise provides about 10 thousand jobs and, despite the war, it works, exports its products, pays salaries and taxes, ensures the flow of foreign exchange earnings to Ukraine, and actively provides humanitarian assistance to communities throughout Ukraine and the Armed Forces of Ukraine. According to company representatives, the court decision will affect not only the fate of the mining and processing plant itself, but also the investment attractiveness of the country as a whole.

At the same time, the plaintiff's representatives did not comment on their position to the press.

We can say that the arguments of the other side were very weak and even absurd. After all, the second party began to challenge the contract only after 20 years and recognize it as invalid. So, we are confident in the positive outcome of the case, – said the director of the Swiss Ferrexpo, Wolfram Kuoni.

The investment attractiveness of Ukraine will depend on the court decision

Wolfram Kuoni added that today many international investment companies that own these shares are closely monitoring the situation.

Not only in the business circle, but also in the political and diplomatic missions of Switzerland and the UK. We have invested more than $3 billion in the company's activities, which is a significant contribution to the country's economy. These shareholder companies are likely to be involved in the development of Ukraine after its victory. Therefore, the solution of this issue is very important for the country and its investment attractiveness. he stressed.

After hearing arguments from all parties, the Supreme Court did not reach a verdict. A break was announced for a more detailed study of the case materials. The date of the next meeting will be announced soon.