Ukraine court grants order to freeze Ferrexpo unit bank accounts
Ruling relates to probe into alleged royalty underpayments
Iron ore pellet maker Ferrexpo said Ukrainian courts have granted an order to freeze bank accounts belonging to one of its subsidiaries in the war-torn country over alleged royalty underpayments.
The court order was requested by Ukraine’s prosecutor and relates to an ongoing investigation in Ukraine relating to iron ore royalty payments during 2018 – 2021.
“Ferrexpo denies all accusations made as part of the Investigation, and confirms that it has consistently operated in accordance with the legal and fiscal frameworks of Ukraine,” the company said in a statement on Tuesday.
“As such, the group is seeking to resolve matters through the Ukrainian legal system and will appeal the above decision.”
Ferrexpo added it had “consistently followed the established legal due process for such disputes” and fully cooperated with local authorities.
“Furthermore, the group notes that the nature of the Investigation is similar to two separate investigations previously faced by other major international metals and mining companies operating within Ukraine.”
Reporting by Frank Prenesti for Sharecast.com