Ukrainian businessman and former lawmaker and majority shareholder of Ukranian iron ore miner Ferrexpo Mr Kostiantyn Zhevago, suspected of embezzling tens of millions of dollars, was ordered freed from French custody on USD 1 million bail after he called the Ukrainian case against him politically driven and declared he wants to fight Russians who invaded his country. Ukrainian iron ore miner & pellet maker Ferrexpo’s majority shareholder & Non-Executive Director Ukrainian billionaire Mr Kostyantin Zhevago, 48 years, will leave the Board of Ferrexpo. The Board has been informed that Mr Zhevago is prepared to step down from the Board of Ferrexpo pic immediately. The Board is taking steps to document his resignation formally and will update the market as appropriate. It emerged on 28 December that Mr Zhevago was arrested at the Courchevel ski resort in the French Alps with a view to extraditing him to Ukraine. A French court issued the extradition order on 29 December. Ferrexpo said “The Company is aware that Mr Zhevago has been detained in France by the French authorities, and the Company understands that this is in relation to matters unrelated to Ferrexpo. The Board of Directors of Ferrexpo is seeking to clarify the situation and will update the market as appropriate.” The Ukrainian State Bureau of Investigation said that as part of the investigation of the criminal proceedings, Mr Zhevago, a former shareholder of Finance and Credit Bank, was notified of suspicion of committing criminal offenses under various articled of the Criminal Code of Ukraine. A number of top managers of the bank are also under suspicion. The National Bank of Ukraine in September 2015 classified Finance and Credit Bank as insolvent, and in December of the same year revoked its license. The claims of creditors are as UAH 30 billion. Forbes estimates Mr Zhevago’s Real Time Net Worth at USD 1.3 billion as of 2 January 2023. He is Bachelor of Arts & Science from Kiev State Economic University. Mr Zhevago, a member of Ukraine's parliament from 1998 to 2019, stepped down as the firm's CEO in late 2019 amid an investigation by Ukraine's state prosecutor office. Ferrexpo is a Swiss headquartered iron ore company with assets in Ukraine and a premium listing on the London Stock Exchange. The Group produces high grade iron ore pellets, which are a premium product for the global steel industry and enable reduced carbon emissions and increased productivity for steelmakers when the Group's iron ore pellets are converted into steel, compared to more commonly traded forms of iron ore. Ferexpo's operations have been supplying the global steel industry for over 50 years, and in 2021 the Group produced 11.2 million tonnes of iron ore pellets, placing Ferrexpo as the world's third largest exporter of pellets to the global steel industry with a market share of approximately 9%.