The Ferrexpo Group of businessman Kostiantyn Zhevaho intends to settle the debt to the Kysen Production and Commercial Association (Horishni Plavni, Poltava Region), which asks the Economic Court of the Poltava Region to declare bankrupt the Poltava Mining and Processing Plant (Horishni Plavni, Poltava Region), which is part of the Ferrexpo.
This is stated in the message of Ferrexpo, Ukrainian News Agency reports.
The group reported that the Kysen Production and Commercial Association appealed to the Economic Court of the Poltava Region with a lawsuit to open proceedings against the Poltava Mining.
The amount of debt claimed by Kysen under the supply agreement is UAH 2.2 million.
"The company was informed that the court had scheduled a preparatory court hearing to resolve the issue of opening proceedings in the case on the protection of the rights of the Poltava Mining creditors on March 12, 2024. Upon learning of the opening of the proceedings, Ferrexpo's board took steps to settle the debt. Given the restrictions on the operation of the Poltava Mining bank accounts in Ukraine, as well as the nature of the payment that is made to repay the debt, the Poltava Mining cannot now provide guarantees that the funds will be received on time, and for this reason the Poltava Mining is simultaneously trying to agree on an extension of the payment period," the statement says.
It is noted that the Poltava Mining received a notice of a court order issued at the request of the prosecutor's office on freezing bank accounts belonging to the enterprise.
The decision stems from a Ukraine investigation launched in November 2022 by the National Police into alleged illegal mining.
Ferrexpo notes that it works closely with its legal counsel and other consultants to review and resolve this situation.
Earlier, on February 12, the court registered a lawsuit from the Kysen Production and Commercial Association to open bankruptcy proceedings in the Poltava Mining.
The ultimate beneficiary of the Kysen Production and Commercial Association LLC is Eduard Shelaiev.
The founders of the Kysen Production and Commercial Association are LLC Prominek, LLC Naftokhimimpeks and LLC Neomineraly (formerly Ferrexpo).
Shelaiev is also the founder and ultimate beneficiary of the football club Vorskla, companies Vorskla Stal, Ferrexpo-hidromet and other companies.
At the same time, Zhevaho is the honorary president of FC Vorskla.
As Ukrainian News Agency earlier reported, in January, the Court of Appeals confirmed the obligations regarding guarantees for UAH 4.7 billion of the Poltava Mining and Processing Plant for loans from the Finance and Credit bank.
The Bila Tserkva City Council bought back the Bila Tserkva Thermal Power Plant for UAH 298.6 million, which the NBU took from Zhevaho for debts.
The National Bank of Ukraine became the owner of the Bila Tserkva TPP thanks to the decision of the Economic Court of the Kyiv Region.
In particular, in May 2023, the court satisfied the NBU's claim for foreclosure on the single property complex of the Bila Tserkva TPP pledged to the National Bank of Ukraine.
This company was a property guarantor for the obligations of the Finance and Credit bank to the NBU for refinancing loans.
On September 17, 2015, the National Bank decided to classify the Finance and Credit bank as insolvent.
At the time of this decision, the shareholder of the bank was Zhevaho, who indirectly owned 97.67% of the shares.
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