JPMorgan Emerging EMEA Securities Russian Court Order
26 April 2024 - 3:07AM
RNS Regulatory News
RNS Number : 1127M
JPMorgan Emerging EMEA Securities
25 April 2024
LONDON STOCK EXCHANGE
ANNOUNCEMENT
JPMORGAN EMERGING EUROPE,
MIDDLE EAST & AFRICA SECURITIES PLC ('the Company' or
'JEMA')
Legal Entity Identifier:
549300II3MHI98ZLVH37
Russian Court
Oder
The Board announce that the Company's
Manager has today informed the Board of the following (in italics):
"JEMA has been named as a defendant to civil proceedings being
brought by VTB in the Russian courts which were commenced on 17
April. The claim has been brought against certain J.P. Morgan
entities and relates to $439m held in a correspondent banking
account with JPMCB (NY Branch) which has been blocked due to
sanctions. We are not aware of any nexus between JEMA and
amounts owing to VTB.
VTB
has also applied for and obtained interim relief in the form of a
freezing order in support of its claim. The order applies to the
onshore funds in the bank accounts and securities owned by the
relevant J.P. Morgan defendants, including JEMA, up to the value of
VTB's claim. All such assets must remain frozen until further
notice from the court. In response to the claim, JPMBI, the
firm's Russian subsidiary, has applied to the court for the
freezing order to be lifted and JPMCB has obtained an urgent order
from the New York courts (the contractually agreed forum) requiring
VTB to discontinue the proceedings. We will continue to
monitor the proceedings and update you on relevant
developments."
The proceedings referred to above
includes JEMA's holdings in 26 Russian securities and the cash held
in the Company's 'S' Account. As at 31st October
2023 the Russian securities were valued at £1.6m in the Company's
accounts. The funds in the Company's 'S' Account have no value in
the Company's accounts because the sum of £19.3m in the 'S' Account
(as at 31st October 2023) is not recognised as an asset
in the Company's balance sheet. This is because the funds in the
'S' Account were 'frozen', following the introduction of sanctions
arising from Russia's invasion of Ukraine in 2022.
For more details about the Company's
Russian securities, 'S' Account and its other assets, please see
the Company's Annual Report and Financial Statements to
31st October 2023 available on the Company's
website www.jpmeemeasecurities.com
25 April 2024
For further
information:
Paul Winship
Neil Martin
JPMorgan Funds
Limited
020 7742 4000
Hugh Jonathan
Numis Securities
plc
020 7260 1000
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact
rns@lseg.com or visit
www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our
Privacy
Policy.
END
UPDUVRBRSSUSUAR
Jpmorgan Emerging Europe... (LSE:JEMA)
Historical Stock Chart
From Apr 2024 to May 2024
Jpmorgan Emerging Europe... (LSE:JEMA)
Historical Stock Chart
From May 2023 to May 2024