Ukraine Moves to Nationalize Ferrexpo's Poltava Mining Plant Amid Corruption Probe

Ukraine is set to nationalize the Poltava mining and processing plant, owned by Ferrexpo, following allegations of fund misappropriation. The move comes amid ongoing investigations into Ferrexpo's main shareholder, Kostyantyn Zhevago, as the government intensified anti-corruption efforts after Russia's 2022 invasion.

On Thursday, Ukraine announced plans to nationalize Ferrexpo's Poltava mining and processing plant, the largest asset of the London-based iron ore pellets producer. This decision follows allegations of misappropriated funds connected to illegal mining activities.

Ferrexpo has faced multiple investigations over the years, primarily involving its main shareholder, Kostyantyn Zhevago. These investigations intensified following Russia's invasion in 2022, as Ukrainian authorities continue efforts to fight corruption.

The Ukrainian state bureau of investigations is pushing for nationalization and has frozen assets related to the plant, claiming misappropriation of over 370 million hryvnias. Ferrexpo stated they have not officially received any claim but are working with legal advisors to understand the developments.