Ukrainian billionaire Kostyantin Zhevago is fast losing his fortune as the value of Ferrexpo Plc, his most significant holding, has shed off more than $1.1 billion of equity value over the last six months.
According to a report by Bloomberg, Ferrexpo Plc, one of the world’s largest iron ore pellet suppliers, is now worth about $1.2 billion. As a result, his own net worth according to the Bloomberg Billionaires Index has shrunk to $1.2 billion, down by about a third since the end of June.
There has been a deepening investigation into allegations of money laundering and embezzlement and this has forced the Ukrainian billionaire out of the leadership of his flagship company, Ferrexpo Plc, and a court issued an arrest warrant for him this month. The investigations have led to key investors in the company dumping their stakes in the company.