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Zhevaho considers illegal seizure of Ferrexpo's shares mining companies under SPF claim, to appeal it

KYIV. March 8 (Interfax-Ukraine) – The Kyiv Economic Court’s seizure of majority shares of 50.3% in PrJSC Poltava Mining, Yeristovo Mining LLC, and Belanovo Mining LLC belonging to the mining company Ferrexpo under a claim of the Deposit Guarantee Fund seeking to secure the recovery of losses of almost UAH 46 billion of Finance and Credit Bank and its creditors is illegal and will be appealed, the legal advisors of the ex-owner of the bank Kostiantyn Zhevaho, who controls 50.3% of Ferrexpo, have said.

This seizure is the populist actions of the Deposit Guarantee Fund aimed at unnecessary PR and misleading society, and such an unfair and illegal decision of the trial court will be appealed by defendants in the upper courts in accordance with the current legislation of Ukraine, the press service of Zhevaho said on Wednesday.

The legal advisors also argue that the specified amount of damage of UAH 46 billion “was not confirmed by anyone, not proved in court, “and consider this decision is the continuation of the politically motivated prosecution of the entrepreneur.

The lawyers said that they consider the decision to be illegal, since Zhevaho and his family members do not own shares or shares of the indicated Ukrainian companies, and they have relation to Ferrexpo Plc (the UK) through a trust entity.

They also recalled that a little more than a year ago, the Deposit Guarantee Fund tried to seize any property of Zhevaho in this case in Ukrainian and foreign jurisdictions, but the high court of London did not support this claim and ordered to pay compensation to the British lawyers.

The press service said that today, the defendant did not receive a statement of claim from the Deposit Guarantee Fund and does not understand what claims the fund put forward against him.