Ferrexpo aims for legal showdown in London

19th Dec 2011 08:02

The Switzerland-based, but Ukrainian-owned, iron ore producer Ferrexpo is to take a long running legal dispute to the High Court in London.The dispute, with Gilson Investments, and other parties, relates to the sale by Gilson in 2002 of a large stake (reported by the Financial Times to be 40%) in Ferrexpo Poltava, one of the world's largest iron ore mines.Gilson wants that sale cancelled and is pursuing action through the Ukranian courts.Ferrexpo now says it wants to take "active steps outside Ukraine to resolve this long-running dispute".The initial hearing, on jurisdictional issues, is scheduled for early February.Ferrexpo shares dipped 1.4% in early trading on Monday have fallen around 40% so far in 2011.BS