Ferrexpo says owner's detention in France unrelated to firm

Iron pellet producer Ferrexpo said on Thursday the detention of its controlling shareholder, billionaire Kostyantyn Zhevago, by French authorities was unrelated to matters at the company.

London-listed Ferrexpo's statement comes after Zhevago, who holds 50.3% of the company's shares, was arrested and detained in France on Tuesday at Ukraine's request on suspicion of embezzlement and money-laundering linked to the disappearance of $113 million from the now bankrupt lender Finance & Credit Bank.

"The Board of Directors of Ferrexpo is seeking to clarify the situation and will update the market as appropriate," the company said in a statement.