Ferrexpo delays release of annual results

(Sharecast News) - Ukraine-focused iron ore pellet producer Ferrexpo has delayed the release of its annual results due to ongoing events in Ukraine as well as the legal discussions surrounding its mining unit. The Switzerland-based firm, which was due to report on Wednesday, said last week that a Ukrainian district court had granted a request from prosecutors to transfer 49.5% of its mining unit, Poltava Mining, to the state ownership in relation to an embezzlement case.

As a result, Ferrexpo said that "more time is needed" to finalise the results.

"The company will make further announcements relating to the finalisation and release of the full year financial results as appropriate," Ferrexpo said in a statement.

Ukrainian authorities have been investigating alleged embezzlement of funds from Bank Finance & Credit, a Ukrainian bank previously owned by Kostyantyn Zhevago which was declared insolvent in 2015.

Zhevago, who was arrested in absentia in July 2024, doesn't directly own shares in Poltava Mining, which is 100%-owned by Switzerland-incorporated Ferrexpo AG, which is in turn 100%-owned by Ferrexpo Plc. Zhevago owns 49.5% in Ferrexpo Plc.