The Supreme Court will consider an investment case regarding the shares of Poltava GZK, which are trying to take away companies related to Kolomoisky -

The Supreme Court will consider an investment case regarding the shares of Poltava GZK, which are trying to take away companies related to Kolomoisky –

He writes about it

Consideration by the Supreme Court of Ukraine of the cassation appeal of the legal owners regarding the above-mentioned shares, which was supposed to take place on November 17, 2022, has been postponed to December 1, 2022. The case will be considered in the Commercial Court of Cassation as part of the Supreme Court of Ukraine by the following panel of judges: Chairman – O.M. Baranets. and judges O. A. Krolevets and V. I. Studenets.

As our editors learned from the materials of the Ferrexpo cassation appeal, the company hopes that the judges of the Commercial Court of Cassation as part of the Supreme Court of Ukraine will consider this case fairly and in accordance with the norms of the current legislation of Ukraine, and that this lawlessness will finally be put to an end when 20 years later in the investor is trying to take honestly purchased shares of the Ukrainian division of the Ferrexpo company.

The Ferrexpo company also applied for transfer of the case to No. 910/15551/20 for consideration by the Grand Chamber of the Supreme Court. Ferrexpo’s lawyers emphasize that during the adoption of the decision, the Northern Commercial Court of Appeal, in addition to all other gross violations, violated one of the main principles of the rule of law – the principle of legal certainty, which provides that in any dispute the court’s decision, which has entered into force, cannot be questioned even 20 years later.

After all, the question of the legality of the conclusion of the contract of alienation (purchase – sale) of shares of Poltava GZK has already been considered several times by the economic courts of Ukraine, and based on the results of the review, court decisions were adopted that became legally binding. The decisions of the previous courts are unambiguous and final – 20 years ago, the shares were sold in a legal manner in compliance with the legislation of Ukraine in force at that time.

In this way, the previous instance violated the most important principles of guaranteeing the state’s realization of the human right to a fair trial.

If the decision of the previous court is not overturned, it will further destroy the investment climate of Ukraine, the importance of which is constantly emphasized by the President of Ukraine Volodymyr Zelenskyi and the Government of Ukraine, represented by the First Deputy Prime Minister and Minister of Economy of Ukraine Yulia Svyridenko at numerous international and Ukrainian economic forums

During her speech at the opening of this year’s World Economic Forum in Davos, which took place in May 2022, Yulia Svyridenko presented an action plan, the implementation of which will help preserve the stability and stability of the economic system during the war and the development of Ukraine after victory. The Ferrexpo company, which is the only company with assets in Ukraine that is listed on the main floor of the London Stock Exchange, makes a significant contribution to the development of the Ukrainian economy with its reliable and efficient operation, provides thousands of people with jobs and pays multimillion-dollar taxes and fees to the budgets of all levels , and any corporate attacks that disrupt the stable operation of the enterprise should be considered as a threat to national security. And all this is happening at a very difficult time for Ukraine, when everyone should unite and direct their efforts to the fight against the external enemy, and not to destroy successful international business in Ukraine.

The Minister of Economy emphasized the priority importance of attracting investments to Ukraine. In particular, she noted that the task of our country is to create a favorable environment for business, to ensure the protection of property rights and the rule of law.

But how can you attract funds if investors see a real attitude towards them and a threat to their investments? The international shareholders of Poltava GZK, which is part of the Ferrexpo group, have already invested billions of dollars in the economy of Ukraine over the past 20 years, and as a result got a situation where they are actually trying to take away their property exactly 20 years after the investment. This is a question to which the final answer will be given only by the decision of the Commercial Court of Cassation as part of the Supreme Court of Ukraine. It will determine the future investment fate of Ukraine.

According to the statements of Ferrexpo itself and its international investors, who made huge investments in the company by purchasing shares of a public company on the main floor of the London Stock Exchange, if they do not find justice in Ukraine, they will be forced to file a lawsuit against the state of Ukraine at the European Court of Human Rights human rights and international courts, which regulate the protection of foreign investments in accordance with the international treaties of Ukraine and Great Britain and Switzerland with the requirement to return illegally taken property from the investor on the territory of Ukraine and to compensate for all the multi-million losses caused by the potential lack of justice in Ukraine.


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