Ukraine to nationalize Poltava mining and processing plant
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Update time : 2025-02-25 16:46:10
The Ukrainian government is moving to nationalize the Poltava mining and processing plant, a key asset of UK-based iron ore producer Ferrexpo, due to allegations of fund misappropriation linked to illegal mining activities.
The investigation targeting Ferrexpo's main shareholder, Kostyantyn Zhevago, is part of Ukrainian authorities' efforts to combat corruption.
Ukraine's State Bureau of Investigations aims to appeal to the High Anti-Corruption Court for the nationalization of the Poltava plant's assets, including real estate and land, and the transfer of 49.5% of the plant's authorized capital to the state.
Ferrexpo has stated it has not received formal notification and is consulting with legal advisors to assess the situation.
