20 December 2011
Ferrexpo (FXPO LN) said yesterday it launched legal proceedings against Gilson Investments Ltd (UK) in the UK High Court of Justice in a fresh bid to settle a long-running shareholder dispute. The initial hearing, which will tackle jurisdictional issues, is due to take place in early February 2012. Ferrexpo said its dispute with Gilson in Ukrainian courts began in 2005. The dispute is with former shareholders of Poltava Iron Ore (PGOK UK) over the sale of a 40% stake to Ferrexpo in 2002. Ferrexpo said its board of directors received legal advice that the Ukrainian proceedings are without merit and its move to change the venue of its legal dispute signals low confidence in the Ukrainian justice system.