Ferrexpo PLC on Wednesday distanced itself from reports relating to its former chief executive Kostyantyn Zhevago.
The Swiss headquartered iron ore company with assets in Ukraine was responding to press reports relating to alleged corruption involving the head of judges of the Supreme Court of Ukraine.
Zhevago is linked to the ongoing scandal surrounding Vsevolod Kniaziev, the head of Ukraine’s Supreme Court, who was charged with corruption on May 16 and faces up to 12 years in prison.
Kniaziev is accused of receiving nearly $3 million in bribes. According to Ukrainian news outlet ZN.UA, Kniaziev had allegedly received money for supporting a court ruling in favour of Zhevago.
Zhevago denied the accusation. However, during a press briefing on May 16, Semen Kryvonos, the head of the National Anti-Corruption Bureau, confirmed that Zhevago was involved in the bribery case.
Ferrexpo pointed out Zhevago resigned as a director in December 2022.
‘The company is not aware of any allegations having been made against the company, any members of its group or any employees of the group,’ the group said in a statement.
‘Ferrexpo takes this opportunity to confirm that it operates to the highest standards of corporate governance and has in place strict policies around anti-bribery and corruption,’ it added.
In a further development, Ukraine’s State Bureau of Investigation reported on Wednesday that it was working alongside the Agency for Investigation and Management of Assets to retrieve more than $113 million in frozen assets from a Swiss account belonging to Zhevago.
Zhevago was charged in December 2022 with embezzling and laundering $113 million at Finance & Credit Bank in 2019.
Shares in Ferrexpo fell 3.2% to 101.50 pence in London on Wednesday.
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