Detention of Ferrexpo owner 'unrelated to company's activities'

Iron ore pellet maker Ferrexpo said the detention of its owner Kostyantin Zhevago by French authorities was unrelated to the company’s affairs.

Shares in the company fell sharply on Wednesday after Zhevago was held at a hotel in the luxury French ski resort Courchevel on Tuesday by French police on suspicion of money laundering and embezzling funds linked to his banking business in Ukraine, the country’s State Bureau of Investigation said.

Ferrexpo said it was seeking to clarify the situation and “will update the market as appropriate”.

Reporting by Frank Prenesti for Sharecast.com