Ukraine Moves to Nationalise Ferrexpo's Poltava Mining Amid Corruption Crackdown

Ukraine has announced plans to nationalise the Poltava mining and processing plant under allegations of illegal mining and fund misappropriation. The move is part of ongoing investigations into Ferrexpo and its main shareholder, Kostyantyn Zhevago, as the country battles corruption.

Ukraine has taken decisive steps to nationalise the Poltava mining and processing plant, Ferrexpo's largest asset. The decision comes after allegations of illegal mining activities and misappropriation of funds within the company.

The Ukrainian state bureau of investigations is preparing to appeal to the High Anti-Corruption Court. This appeal seeks nationalisation due to findings that plant management allegedly misappropriated over 370 million hryvnias.

Ferrexpo representatives were unavailable for immediate comment, while the company maintains that operations remain unaffected. Main shareholder Kostyantyn Zhevago continues to deny these allegations amid ongoing legal proceedings.