trending Market Intelligence /marketintelligence/en/news-insights/trending/y6RHrv0lJu4OJcxpw3DCkQ2 content esgSubNav
In This List

Ferrexpo CEO suspected of money laundering, embezzlement

Blog

Insight Weekly: US stock performance; banks' M&A risk; COVID-19 vaccine makers' earnings

Blog

Insight Weekly: LNG exports surge; investors unfazed by inflation; neobanks drive VC funding

Blog

Essential Metals Mining Insights November 2021

Blog

[Infographic]: 2021 World Exploration Trends


Ferrexpo CEO suspected of money laundering, embezzlement

Detectives from Ukraine's State Bureau of Investigations claimed that Ferrexpo PLC CEO Kostyantin Zhevago was suspected of money laundering and embezzling funds from Finance & Credit JSC, a bank previously owned by the billionaire, Bloomberg News reported Sept. 27.

Zhevago did not appear for questioning in Kyiv on Sept. 27, according to the bureau's first deputy chief, Olha Varchenko, who added that staff gave a notice of suspicion to Zhevago's lawyer after he did not appear for the session.

Varchenko said an investigation found that 2.5 billion Ukrainian hryvnia, or roughly US$104 million, was siphoned from the bank to companies abroad owned by Zhevago. Ukraine's central bank declared Finance & Credit JSC insolvent in 2015.

Two executives from Finance & Credit were prosecuted in August.

In response to the allegations, Ferrexpo said Sept. 30 that Zhevago denies any wrongdoing and has informed the company's board that he has not received a notice of suspicion in accordance with Ukrainian law.

In August, an independent company review committee launched a probe into the use of funds donated to the Blooming Land Charity in Ukraine after being unable to explain a number of discrepancies outlined in the 2018 annual report.

As of Sept. 27, US$1 was equivalent to 24.14 Ukrainian hryvnia.