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Media: Ukrainian billionaire Zhevago released in France on 1 million euro bail

by The Kyiv Independent news desk January 10, 2023 2:54 PM 1 min read
This audio is created with AI assistance

Following his arrest and detention in France at Ukraine’s request, Ukrainian billionaire Kostyantyn Zhevago has been released on bail of 1 million euros, Ukrainian online newspaper Ukrainska Pravda reports, citing its sources in Ukrainian law enforcement.

According to the report, Zhevago has posted bail and currently stays in the Courchevel ski resort, where he was detained at the request of the State Investigation Bureau of Ukraine on Dec. 27. He can't leave France, Ukrainska Pravda reports.

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

A French court placed Zhevago under arrest on Dec. 28, considering his extradition. Shortly after his arrest, Zhevago — the controlling shareholder of London-listed iron pellet producer Ferrexpo — stepped down from the company’s board of directors. He holds 51% of Ferrexpo shares.

Ukraine’s Deposit Guarantee Fund said on Jan. 4 that it had filed a Hr 46 billion ($1.2 billion) lawsuit against Zhevago, the former owner of Finance & Credit Bank, seeking compensation for losses sustained by the bank and its creditors.

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.

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