Russian Court Oder - update

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

3 May 2024

For further information:

Paul Winship

Neil Martin

JPMorgan Funds Limited                     020 7742 4000

Hugh Jonathan 

Numis Securities plc                            020 7260 1000

 

END