Ukrainian Billionaire Kostyantyn Zhevago Faces Suspicion in France

Kostyantyn Zhevago, a Ukrainian businessman and former member of parliament, has been served with a notice of suspicion in France related to allegations of embezzlement from Finance & Credit Bank. The case, which has been ongoing since 2015, centers around the alleged disappearance of $113 million from the bank after it went bankrupt [Forbes].

Background

Kostyantyn Valentynovych Zhevago, born January 7, 1974, served as a People’s Deputy of Ukraine from 1998 to 2019 [Wikipedia]. He was too the Executive Director of Ferrexpo from 2008 to 2019. Prior to his political career, Zhevago held positions as Financial Director of Finance and Credit JSC (1993-1996) and Chairman of the Board of Finance and Credit Bank (1996-1998) [Wikipedia].

The Allegations

Zhevago is accused of embezzling and money laundering in connection with the $113 million that vanished from Finance & Credit Bank. He maintains that the charges are politically motivated [Forbes]. The allegations involve claims that loans were funneled to companies controlled by Zhevago [London Daily].

Legal Battles and Rulings

Zhevago was detained in December 2022 at the French ski resort of Courchevel at Ukraine’s request, but was released on bail after a French court ruled against his extradition to Ukraine [Forbes]. He also successfully defended against a fraud accusation in a London court related to the same embezzlement charges [London Daily].

A Ukrainian court has ordered the seizure of Zhevago’s shares in Ferrexpo, valued at approximately $400 million [Forbes]. He is currently contesting this order.

Previous Criminal Proceedings

Prior to the recent developments in France, criminal proceedings had already been initiated against Zhevago concerning his alleged involvement in the scheme to embezzle funds from Finance and Credit Bank between 2007 and 2014 [Komersant.ua].