Help us serve you better. Take a survey now

Take survey
Skip to content
Edit post

Court arrests oligarch Zhevago's company bank accounts

by The Kyiv Independent news desk February 7, 2023 4:24 PM 1 min read
This audio is created with AI assistance

Support independent journalism in Ukraine. Join us in this fight.

Become a member Support us just once

A Kyiv court has arrested all bank accounts of the Poltava Mining and Processing Plant, which is a part of the Ferrexpo group, the company said in a statement on Feb. 7. Ukrainian billionaire Kostyantyn Zhevago is the controlling shareholder of the iron ore pellet producer Ferrexpo.

The arrest was made at the request of the Prosecutor General's Office as part of an investigation into the company's alleged evasion of taxes, the statement says.

Ferrexpo said that such a move “puts excessive pressure” on the company and “jeopardizes” the payment of wages for over 7,500 employees.

Earlier on Feb. 2, the chief accountant of the Poltava Mining and Processing Plant was charged with tax evasion and forgery.

According to the investigation, in 2018-2021, the suspect entered false information into the company's documents, which helped it to avoid paying Hr 2 billion ($54.6 million) in rent payments to the state budget for the use of the subsoil of the iron ore deposit.

Zhevago, who holds 51% of Ferrexpo shares, was arrested and detained earlier in France at Ukraine's request but then released on bail of 1 million euros, Ukrainska Pravda reported on Jan. 10, citing its sources in Ukrainian law enforcement.

Shortly after his arrest, Zhevago stepped down from the company's board of directors.

In 2019 Zhevago was charged with embezzling and laundering $113 million at Finance & Credit Bank. In 2021, he was put on the Interpol wanted list.

With a net worth of $1.4 billion, Zhevago is the fifth richest Ukrainian, according to a recent list by Forbes Ukraine. Ferrexpo is his main asset.

Zhevago was a member of Ukraine's parliament from 1998 to 2019.

Investigators search Kolomoisky, Avakov, incumbent top officials in unprecedented raid
Support independent journalism in Ukraine. Join us in this fight.
Freedom can be costly. Both Ukraine and its journalists are paying a high price for their independence. Support independent journalism in its darkest hour. Support us for as little as $1, and it only takes a minute.
visa masterCard americanExpress

News Feed

Ukraine Daily
News from Ukraine in your inbox
Ukraine news
Please, enter correct email address
9:59 AM

Lukashenko, Putin hold 4-hour meeting in Moscow.

Belarusian dictator Alexander Lukashenko and his Russian counterpart Vladimir Putin held a nearly four-hour meeting until late on April 11, according to Russian state-controlled news agency RIA Novosti.
4:34 AM

Ukrainian Railways initiates construction of major European routes.

In an effort to facilitate integration with the European Union, Ukrainian Railways (Ukrzaliznytsia) has initiated the construction of a European-gauge railway, stretching from the Ukrainian border town of Chop in Zakarpattia Oblast to its administrative center, Uzhhorod.
MORE NEWS

Editors' Picks

Enter your email to subscribe
Please, enter correct email address
Subscribe
* indicates required
* indicates required
Subscribe
* indicates required
* indicates required
Subscribe
* indicates required

Subscribe

* indicates required
Subscribe
* indicates required

Subscribe

* indicates required
Subscribe
* indicates required
Successfuly subscribed
Thank you for signing up for this newsletter. We’ve sent you a confirmation email.