The Shevchenkivskyi District Court of Kyiv has imposed a bail of almost UAH 800 million on the Head of the Board of Poltava Mining.

Detectives of the Economic Security Bureau of Ukraine suspect him of tax evasion on a large scale and forgery of official documents.

As know Poltava Mining and Processing Plant is part of the Ferrexpo group of companies. The ultimate beneficial owner of a significant share of Ferrexpo is Zhevago.

It has been established that in the period from 2018 to 2021, the Head of the Board of Poltava Mining, by prior agreement with accountants, reflected the volume and value of commercial products in the form of crushed ore in the company's tax returns, i.e. without the beneficiation process which significantly affects the cost of rent payments. Thus the payment to the budget for the use of subsoil of the iron ore deposit was understated by almost UAH 2.2 billion.

Currently, the Head of Poltava Mining and Processing Plant has been granted bail in the form of a monetary deposit.

The pre-trial investigation is ongoing.

Procedural supervision is provided by prosecutors of the Prosecutor General's Office. Operational support is provided by the SSU.

Note: in accordance with Art. 62 of the Constitution of Ukraine, a person is presumed innocent of committing a crime and shall not be subjected to criminal punishment until his or her guilt is proved in accordance with the law and established by a court verdict of guilty.