Ilyashev & Partners has successfully represented Ferrexpo before the Supreme Court of Ukraine against claims of the share purchase agreement for a 40.19% stake in Ferrexpo Poltava Mining being invalid coming from four former shareholders seeking the reclamation of their shares.
According to Ilyashev & Partners, Ferrexpo Poltava Mining is the largest Ukrainian producer and exporter of iron ore pellets to Europe. The Ferrexpo Group, to which Ferrexpo Poltava Mining belongs, specializes in iron ore extraction by open-pit mining and its resource base is one of the largest iron ore deposits in the world.
"Court proceedings on recognition of the share purchase agreement of 40.19% stake in Ferrexpo Poltava Mining invalid under the claims of the former shareholders had been conducted since 2005," the firm informed. "In 2015, the Supreme Economic Court of Ukraine rejected all claims of Ferrexpo Poltava Mining’s former shareholders."
"However, at the end of 2020, another former shareholder of Ferrexpo Poltava Mining, Trimcroft Services Limited, tried to challenge the share purchase agreement in court again," Ilyashev & Partners added. "Later, three other former shareholders, Emsworth Assets Limited, Calefort Developments Limited, and Gilson Investments Limited, joined the claim. In May 2021, the Commercial Court of Kyiv rejected the claims of the companies, declaring them baseless." Ferrexpo, however, lost the case on appeal, in September 2022, before the Northern Commercial Court of Appeal.
Finally, according to Ilyashev & Partners, "the Grand Chamber of the Supreme Court, having considered Ferrexpo AG’s cassation appeal, put an end to the legal dispute and canceled the resolution of the Northern Commercial Court of Appeal on reclamation of the stake in Ferrexpo Poltava Mining from four companies – former shareholders. Thus, the Supreme Court left 40.19% of the share in Ferrexpo Poltava Mining to the legitimate owner: Ferrexpo."
The Ilyashev & Partners team included Managing Partner Mikhail Ilyashev and Counsels Andrii Konoplia and Marina Riashchenko.
