REG - JPMorgan Emerg. EMEA - Russian Court Order

JPMorgan Emerging Europe Middle East & Africa SecuritiesAnnouncement

20/02/2025 09:30

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250220:nRST8730Xa&default-theme=true

RNS Number : 8730X  JPMorgan Emerging EMEA Securities  20 February 2025

 

 

LONDON STOCK EXCHANGE ANNOUNCEMENT

 

 

JPMORGAN EMERGING EUROPE, MIDDLE EAST & AFRICA SECURITIES PLC ('the
Company' or 'JEMA')

 

Legal Entity Identifier: 549300II3MHI98ZLVH37

 

Russian Court Order

 

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
Sberbank KIB in the Russian courts which were commenced on 14 February 2025.
The claim has been brought against certain J.P. Morgan entities and JPMorgan
Emerging Europe, Middle East & Africa Securities plc (JEMA) and relates to
USD830,183 regarding an agreement between Sberbank KIB and JPMS plc for the
purchase of Eurobonds.  Sberbank KIB allegedly made a payment in February
2022 and did not receive the Eurobonds due to sanctions.  We are not aware of
any nexus between JEMA and amounts or Eurobonds allegedly owing to Sberbank
KIB.  We will continue to monitor the proceedings and update you on relevant
developments."

 

The proceedings referred to above includes JEMA's holdings in 25 Russian
securities and the cash held in the Company's 'S' Account.  As at 31(st)
October 2024 the Russian securities were valued at £1.4m 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 £35.3m in the 'S' Account (as at 31(st)
October 2024) 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.

 

The proceedings above are in addition to the proceedings being brought by VTB
Bank. Please refer to the Chairman's Statement in the latest Annual Report and
previous RNS announcements made by the Company on the VTB Bank proceedings and
the potential impact to both the ongoing solvency of the Company's Russian
sub-custodian and the Company's Russian assets.

 

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 31(st) October 2024 available on the Company's website
www.jpmeemeasecurities.com (http://www.jpmeemeasecurities.com)

 

20 February 2025

 

For further information:

Paul Winship

Joel Clopon

Neil Martin

JPMorgan Funds Limited                     0800 20 40 20

 

 

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 (mailto:rns@lseg.com)
 or visit
www.rns.com (http://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 (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCEANAEAASSEEA