JPMorgan Emerg. EMEA - Russian Court Oder - update

JPMorgan Emerging Europe Middle East & Africa Securities

03/05/2024 18:00

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RNS Number : 2539N  JPMorgan Emerging EMEA Securities  03 May 2024

 

 

LONDON STOCK EXCHANGE ANNOUNCEMENT

 

 

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

 

Legal Entity Identifier: 549300II3MHI98ZLVH37

 

Russian Court Oder - update

 

Following the announcement made on 25(th) April 2024, the Board announces that
the Company's Manager has today informed the Board of the following (in
italics):

 

"The Russian courts have confirmed that funds held in S accounts in the name
of JPMorgan Bank International (JPMorgan's Russian subsidiary) are not subject
to the freezing order and the civil proceedings being brought by VTB in the
Russian courts, which were commenced on 17(th) April 2024.  We will continue
to monitor the proceedings and update you on relevant developments."

 

The proceedings referred to above include JEMA's holdings in 26 Russian
securities and the cash held in the Company's 'S' Account.  As at 31(st)
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 31(st)
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 31(st) October 2023 available on the Company's website
www.jpmeemeasecurities.com (http://www.jpmeemeasecurities.com)

 

3 May 2024

 

For further information:

Paul Winship

Neil Martin

JPMorgan Funds Limited                     020 7742 4000

 

Hugh Jonathan

Numis Securities plc                            020
7260 1000

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