The presiding judge of the Supreme Court recused himself from the case of loans from the Finance and Credit Bank, whose owner is Kostiantyn Zhevaho, issued under the guarantees of Poltava Mining and Processing Plant (PGOK, or FPM), part of Ferrexpo Group, in the amount of UAH 4.727 billion (about $125 million).

"Two court hearings that had been scheduled for March 20, 2024 did not take place," according to the stock exchange announcement of Ferrexpo mining company with assets in Ukraine.

It is recalled that on January 29 of this year, the Economic Court of Appeal confirmed the obligations of the Ferrexpo-controlled PGOK under guarantees in the amount of UAH 4.727 billion from Finance and Credit Bank. On January 30, 2024, PGOK filed a cassation appeal with the Supreme Court of Ukraine and an application to suspend the execution of the decision of the Eastern (Skhidny) Economic Court of Appeal in Kharkiv. The meeting of the Supreme Council was scheduled to take place on March 20, 2024.

"A hearing regarding a claim against FPM was postponed due to the presiding judge's recusal, with a new court date pending," the report says.

In addition, a meeting of the Court of Appeal was scheduled for March 20 of this year to release on bail the general director of PGOK in the case of royalties (on the fact of illegal mining and use of minerals, which caused about UAH 157 billion of damage to the state).

"Another hearing related to the FPM general director's bail in a royalties case was postponed due to technical issues with recording equipment, rescheduled for April 2," according to the document.

"Regarding the anticipated preparatory hearing at the Commercial Court in Poltava region, scheduled for March 12 to address an application from Kysen, Ferrexpo said the hearing was postponed. The rescheduled hearing was now set for April 9, with Kysen claiming a debt increase to UAH 4.5 million ($120,000) under supply agreements. While FPM continued to contest a separate sureties claim, the company said it had adequate financial resources to sustain operations and settle the debt claimed by Kysen," the report reads.

"Despite restrictions on FPM's bank accounts in Ukraine, the company said it could manage essential payments such as salaries, taxes, and energy suppliers. However, payment to other suppliers was restricted. FPM had entered separate arrangements with most key creditors and suppliers to meet payment obligations, ensuring continuity in business operations," according to the report.