The billionaire boss of Ferrexpo has temporarily stepped down as chief executive.
The FTSE 250-listed miner said Kostyantin Zhevago would step aside to “focus on resolving certain matters in Ukraine relating to one of the businesses he owned until 2015”.
Ukraine is considering adding Zhevago to the international wanted list over claims he embezzled funds from the bank he owned until 2015, Finance & Credit JSC.
Zhevago denies all allegations of wrongdoing as Ukraine investsigates its collapse four years ago.
At the time Finance & Credit became insolvent it was holding a significant chunk of Ferrexpo cash.
“The board, including Mr Zhevago, believes that this temporary change of leadership is necessary and in the interests of all shareholders to enable Mr Zhevago to focus on ongoing matters in Ukraine without impacting the company’s operations,” Ferrexpo said today.
Ukraine named him as a suspect in absentia after he reportedly failed to turn up for questioning about his old company.
Chairman Steve Lucas said the billionaire “continues to have the full support of the board”.
The iron ore producer is at the centre of concerns over corporate governance.
Its auditor resigned earlier this year over potential links between the CEO and a charitable foundation under investigation over the alleged misappropriation of dunds.
Zhevago had served as an MP in Ukraine for two decades until he lost his seat this year.
The owner is believed to split his time between London and Switzerland, where the company is based.
Ferrexpo has said Zhevago does not have significant control or influence over the Blooming Land trust.
Main image credit: Getty