Former MP Zhevago Faces Charges in France: Details of the High-Profile Case

19 March 22:18

Ukrainian businessman and former Member of Parliament Kostyantyn Zhevago has been officially notified in France that he is a suspect in a case involving the large-scale embezzlement of funds from the “Finance and Credit” bank. The alleged losses amount to over 519 million hryvnias. This was announced by Ukraine’s Prosecutor General Ruslan Kravchenko, according to "Komersant Ukrainian"

The Prosecutor General did not name the individual, but it is clear that he is referring to Konstantin Zhevago.

The charges were announced in Paris

The procedural actions took place in the French capital as part of international legal assistance. Representatives of French law enforcement agencies participated in the procedure alongside Ukrainian prosecutors and investigators from the State Bureau of Investigations.

After the charges were served, the businessman was questioned as a suspect.

According to the Prosecutor General:

“Today in Paris, in response to a request for international legal assistance, authorized bodies of the French Republic, with the participation of Ukrainian prosecutors and investigators from the State Bureau of Investigations, served a notice of suspicion to the former member of parliament and owner of the ‘Finance and Credit’ bank, which is currently in liquidation.”

What is the former bank owner suspected of?

According to the investigation, the former MP may have organized a scheme to illegally transfer funds through controlled companies and foreign financial structures.

Among the suspects is 52-year-old Zhevago, whose extradition to Ukraine from Paris was previously denied, who personally heard the new charges in the “Finance and Credit” bank case. He is accused of:

forming and leading a criminal organization,
embezzlement of property on a particularly large scale,
money laundering of proceeds obtained by criminal means.

Law enforcement officials established that the suspect controlled over 96% of the bank’s authorized capital.

How the scheme worked

According to the investigation, funds could be diverted through:

fictitious loans
guarantee transactions
companies under his control
foreign financial institutions.

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Law enforcement officials also believe that depositors’ funds may have been used in the scheme.

“Essentially, this involves the use of the bank’s financial resources, including depositors’ funds and refinancing from the National Bank of Ukraine, for the beneficiary’s private interests. The total amount of established losses exceeds 519 million hryvnias,” Kravchenko said.

Zhevago’s own position

The businessman himself stated that he considers the case politically motivated and denies the validity of the allegations.

The investigation is ongoing.

What is known about Zhevago’s other cases

Criminal proceedings have previously been opened against Konstantin Zhevago.

Previously, Konstantin Zhevago was charged with involvement in a scheme to embezzle $113 million from the Finance and Credit Bank through offshore companies between 2007 and 2014.

In 2023, he was charged in a case involving alleged corruption in the Supreme Court. According to the investigation, the oligarch gave the then-chairman of the Supreme Court, Vsevolod Knyazev, a bribe of $2.7 million in exchange for a ruling in his favor in a commercial case. The case concerned ownership rights to over 40% of the shares in the Poltava Mining and Processing Plant (PGZK) Ferrexpo, which was being considered by the Grand Chamber of the Supreme Court.

Additionally, sanctions against the businessman were imposed by the National Security and Defense Council of Ukraine in 2025.

Why Zhevago Is Still in France

Konstantin Zhevago has been in France since 2022.

He was detained in December 2022 at a ski resort near Chambéry at the request of Ukraine, which is seeking him in several cases, including the disappearance of $113 million from the Finance and Credit Bank.

He was later released on bail of 1 million euros.

The Issue of Extradition

Ukraine has repeatedly appealed to France to extradite Zhevago. However, French courts have refused to grant extradition, citing risks to the fairness of the trial.

Currently, the “Finance and Credit” bank is in the process of liquidation.

Law enforcement officials emphasize that serving a notice of suspicion abroad demonstrates the ability to hold individuals accountable regardless of their status or whereabouts.

Who is Konstantin Zhevago

Konstantin Zhevago is a Ukrainian businessman, former member of parliament, and owner of the London-based company Ferrexpo, which produces iron ore pellets.

According to Forbes, as of 2022, his fortune was estimated at $1.4 billion, making him the fifth richest Ukrainian.

The businessman has repeatedly been the focus of anti-corruption investigations, ranging from the “Finance and Credit” case, in which hundreds of millions of dollars disappeared, to allegations of attempts to influence court decisions.