Ferrexpo owner Kostyantin Zhevago, detained last week by French police, has resigned from the company’s board, the iron ore pellet producer and exporter said on Tuesday.
In a statement, the company said it received Zhevago’s formal resignation letter, effective as of 29 December 2022.
“The company notes that the relationship agreement in place with Mr Zhevago allows for the appointment by Mr Zhevago of a non-executive director to the board as his representative. Mr Zhevago has not exercised this right at this time, following his resignation,” it added.
Shares in the company fell sharply last Wednesday after Zhevago was held at a hotel in the luxury French ski resort Courchevel by French police on suspicion of money laundering and embezzling funds linked to his banking business in Ukraine.
Reporting by Frank Prenesti for Sharecast.com
