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JKX Oil & Gas confirm Ukraine police probed subsidiary

Previously the Hague Tribunal found in favour of JKX against the Ukrainian authorities.

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There was no disruption to the PPC business, JKX said.

JKX Oil & Gas Plc (LON:JKX) today confirmed that Ukrainian police visited its subsidiary Poltava Petroleum Company (PPC) as well as the homes of two of its senior employees.

The police came without notice and searched for documents in relation to the investigation of claims of alleged underpaid taxes which have been made by a local prosecutor, JKX said in a statement.

It added that there has been no disruption to the PPC as a result of these actions.

“PPC is cooperating fully with the authorities, but nevertheless believes that it is in full legal compliance with the matters outlined in the police warrant and that the prosecutor's action is completely unjustified,” the company said.

“Furthermore the company believes the police action to be in violation of the emergency awards that have been granted in favour of JKX and PPC and against the Ukrainian authorities by the Hague Tribunal and is currently considering its next steps.”

Quick facts: JKX Oil & Gas PLC

Price: 25.1 GBX

LSE:JKX
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Market Cap: £43.1 m
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