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Ferrexpo Shares Tumble After CEO Suspected of Embezzlement

  • Billionaire CEO failed to appear for questioning, Ukraine says
  • London-listed Ferrexpo runs iron ore mines in central Ukraine
Billionaire Kostyantin Zhevago Shows How Politics Might Really Work in Ukraine
Photographer: Evgeniy Maloletka/Bloomberg
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Ferrexpo Plc shares tumbled to a one-year low after authorities said they suspect the company’s billionaire chief Kostyantin Zhevago of large-scale money laundering and embezzling funds from a bank he formerly owned.

Detectives from Ukraine’s State Bureau of Investigations handed a so-called notice of suspicion to Zhevago’s lawyer after the executive failed to appear for questioning in Kyiv on Friday, the bureau’s First Deputy Chief Olha Varchenko said on Facebook. Neither Zhevago nor his lawyer immediately responded to calls and text messages from Bloomberg News seeking comment.