Ferrexpo PLC (LSE:FXPO) shares fell 11% to 62.57p after it was hit by a court order in Ukraine issued at the request of the state prosecutor.
The prosecutor is looking to freeze the bank accounts belonging to its subsidiary, Ferrexpo Poltava Mining (FPM), linked to an ongoing police investigation in Ukraine from late 2022 concerning the alleged illegal extraction of minerals.
A supplier and related party to FPM called Kysen has also had an application to open creditor protection proceedings accepted by the Commercial Court in Poltava Oblast, with Kysen claiming 2.2 million Ukrainian hryvnia, approximately US$58,000.
"Ferrexpo is working closely with its legal counsel and other advisers to consider and address the situation," the company said, adding that its operations remain unaffected at this time.