Konstantin Zhevago, a billionaire once listed among Ukraine’s top wealth holders and a former deputy of the Verkhovna Rada, was detained in Courchevel, France. He stands accused of embezzling funds from Finance and Credit Bank in Ukraine, where he holds a shareholder stake. The case is part of a broader set of investigations into asset concealment and misuse of corporate resources tied to his business network.
According to statements released by the Ukrainian State Bureau of Investigation, cooperation with law enforcement across borders has been ongoing for months. The bureau noted sustained collaboration with justice authorities, the French gendarmerie, and the French police. Requests for arrest were sent to authorities in 38 countries as part of the international pursuit of Zhevago.
At present, investigators are assembling a formal extradition package to bring the businessman to Ukraine for trial. When apprehended, Zhevago contested the legality of the French authorities’ actions, but the challenge was not successful. The bureau announced that a court in the city of Chambéry is scheduled to decide on extradition detention today, marking a key procedural step in the process of potential transfer to Ukraine.
What are the charges against Zhevago?
Within Ukraine, Zhevago faces charges under Part 3 of Article 27, Part 5 of Article 191, and Part 3 of Article 209 of the Ukrainian Criminal Code, including embezzlement, abuse of property, and money laundering. The criminal case was initiated after his departure from the country in 2019, triggering ongoing international scrutiny and legal action.
A substantial portion of assets associated with Zhevago and related legal entities has been seized. The measures extended to 26 real estate objects and equity interests in several companies, while additional assets linked to other entities connected with him included 14 property complexes, 10 apartments, and 30 non-residential premises. These steps reflect a broad enforcement approach aimed at ensuring potential restitution and asset recovery as the case unfolds.
Forbes Ukraine previously ranked Zhevago among the nation’s wealthiest individuals, placing him around the fifth spot with an estimated fortune near 1.4 billion dollars. A year earlier, his standing differed, highlighting shifts in the country’s business landscape. Zhevago’s stake extends to Ferrexpo, a major iron ore producer whose key asset is the Poltava Mining and Processing Plant, and through Finance and Credit, a significant financial and industrial group. In recent months, the Ukrainian leadership engaged in a state defense order reshaping, leading to the transfer of portions of Zhevago’s assets to state control. Specifically, AvtoKrAZ, part of the Finance and Credit group, was moved under state oversight. Concurrently, other major Ukrainian industrial assets including Motor Sich, Zaporizhtransformator, Ukrnafta, and Ukrtatnafta have seen nationalization actions. These moves illustrate a broader strategy to redirect strategic assets toward public interests while investigations proceed.
Investigations and enforcement actions in November
In November, personnel from the Ukrainian Bureau of Economic Security conducted searches in the administrative facilities of two mining and processing plants associated with Zhevago. These actions formed part of a wider tax evasion case exceeding ten billion hryvnia, equivalent to more than 270 million U.S. dollars. The Bureau stated that the enterprises involved had previously under-reported their rent tax obligations for underground operations, with estimates reaching around 7.6 billion hryvnia and more than 2.7 billion hryvnia, respectively. The case underscores the breadth of the investigative effort and its focus on corporate accountability within Ukraine’s key industrial sectors.