Zhevago challenges the seizure of assets worth 46 billion hryvnia: the court’s ruling
12 May 03:59
Fevamotinico S.a.r.l., a company linked to businessman Kostyantyn Zhevago, has succeeded in having an appeal proceeding opened in the case regarding the seizure of assets associated with the Ferrexpo group. According to case file No. 910/268/23, the case involves a legal dispute between the Deposit Guarantee Fund and the bank “Finansy i Kredit” regarding the recovery of nearly 46 billion hryvnias in damages, which, according to the Fund, were caused to the bank, reports "Komersant Ukrainian"
The Northern Commercial Court of Appeal has reinstated the deadline for Fevamotinico S.a.r.l. to file an appeal against the ruling of the Kyiv Commercial Court dated March 3, 2023, regarding the securing of the claim, and has opened appellate proceedings. The hearing of the appeal is scheduled for May 20, 2026.
What is the case about?
In January 2023, the Deposit Guarantee Fund for Individuals filed a lawsuit with the Kyiv Commercial Court seeking to recover UAH 45.98 billion.
The case concerns the bank “Finansy i Kredit,” which previously belonged to Kostyantyn Zhevago. The Deposit Guarantee Fund believes that the owner’s actions led to losses for the bank and is therefore seeking compensation of nearly UAH 46 billion.
As part of this case, the court previously imposed measures to secure the claim—effectively a freeze and a ban on the disposal of certain corporate rights related to the mining and processing plants of the Ferrexpo Group.
Which assets were seized
By a ruling of the Kyiv Commercial Court dated March 3, 2023, restrictions were imposed on corporate rights amounting to 50.3% of the authorized capital of several companies.
These include:
- Poltava Mining and Processing Plant PJSC;
- LLC “Yeristiv Mining and Processing Plant”;
- LLC “Bilany Mining and Processing Plant.”
The court also prohibited Ferrexpo AG, Ferrexpo PLC, Fevamotinico S.a.r.l., and Minco Trust (Singapore) from disposing of their respective shares in the chain of asset ownership.
What Fevamotinico is challenging
Fevamotinico S.a.r.l. filed an appeal against the ruling on the injunction. It is requesting that the decision of the court of first instance be overturned and that the Deposit Guarantee Fund be denied the injunction in its entirety.
The company had not previously been a formal party to the case, but claims that the order directly affected its rights, as it prohibited Fevamotinico from disposing of its stake in Ferrexpo PLC.
Why the court reinstated the appeal deadline
Fevamotinico filed its appeal after the deadline had passed, so it asked the court to extend it.
The company explained that it was not a party to the case, did not receive any procedural documents, and was unaware of the 2023 ruling. According to the appellant, it only learned of the restriction while reviewing court documents in 2026.
The Deposit Guarantee Fund objected to the opening of the appeal proceedings and stated that it had sent Fevamotinico copies of the ruling with a translation back in 2023. However, the appellate court concluded that there was no sufficient evidence in the case file that the ruling had been served on the company.
For this reason, the court found the circumstances of the missed deadline to be sufficiently justified and reinstated the deadline for filing the appeal.
What the appellate court ruled
The Northern Commercial Court of Appeals ruled:
- to reinstate the deadline for Fevamotinico S.a.r.l. to file an appeal;
- to open the appeal proceedings;
- to schedule the hearing for May 20, 2026, at 3:00 p.m.;
- to set a deadline of May 15, 2026, for the parties to the case to file responses, statements, and motions.
The court also noted that the parties’ participation in the hearing is not mandatory, and if necessary, they may participate via videoconference.
Who is Kostyantyn Zhevago
Konstantin Zhevago is a Ukrainian businessman and politician who was among the wealthiest people in the country.
According to the Chesno movement , Konstantin Zhevago is a former member of the Verkhovna Rada of the 3rd, 4th, 5th, 6th, 7th, and 8th convocations. He is a subject of anti-corruption investigations regarding tax and abuse of power.
In 2026, Zhevago was charged in France in a case involving the embezzlement of over half a billion hryvnias from the “Finance and Credit” bank, which was owned by the former MP himself.
In July 2025, law enforcement officials reported that they had uncovered a large-scale pharmaceutical scheme involving Zhevago, who organized the production and distribution of Ukrainian medicines on the territory of the Russian Federation.
According to the investigation, Zhevago personally oversaw the transfer of rights and production technologies from Ukrainian companies. As a result, a number of medical products under the trademarks of Ukrainian companies became officially registered in Russia.
In 2025, the National Security and Defense Council (NSDC) imposed personal sanctions against Zhevago. These sanctions included the revocation of state awards, the freezing of assets, and restrictions on trade and the transfer of capital out of Ukraine.
In 2023, Zhevago was implicated in the case involving the arrest of Supreme Court Chief Justice Vsevolod Knyazev. The National Anti-Corruption Bureau of Ukraine (NABU) established that Knyazev had received a $3 million bribe from individuals who lobbied for a court ruling in favor of Kostyantyn Zhevago.
That same year, a Kyiv.Postinvestigative report found that the volume of Zhevago’s companies’ transactions with Russia between 2017 and 2022 exceeded 7.5 billion hryvnias. Although Zhevago himself has always denied doing business with Russia.
In 2022, Zhevago was detained in Courchevel, France, at the request of the State Bureau of Investigation (DBR). Subsequently, a local court issued an extradition arrest warrant for the businessman. Zhevago was notified of his status as a suspect in criminal offenses. However, the court hearings were frequently postponed, and a few months later, Zhevago posted bail of one million euros and was released from custody. He is prohibited from leaving mainland France and must report regularly to the police station.
Additionally, the Economic Security Bureau opened criminal proceedings against Zhevago’s company, which is suspected of tax evasion amounting to 94.6 million hryvnias.
At the end of the year, the State Bureau of Investigation (SBI) conducted searches at enterprises linked to Zhevago. The reason was to verify information regarding Zhevago’s and other individuals under his control’s involvement in collaborationist activities (Part 4 of Article 111-1 of the Criminal Code of Ukraine), that is, the operation of his enterprises in the interests of Russia.
In 2021, Interpol issued an international arrest warrant for Kostyantyn Zhevago in connection with the embezzlement of $113 million.
That year, he was the third-richest Ukrainian according to Forbes.ua. His total net worth was $2.4 billion.
In 2019, he ran for the 9th convocation of the Verkhovna Rada in the 150th district (Poltava region) as an independent candidate, but lost.
Forbes magazine estimated Zhevago’s fortune at approximately $1.5 billion, making him the second-richest Ukrainian after Rinat Akhmetov.
That same year, criminal proceedings were opened against Zhevago ( ) regarding his possible involvement in the embezzlement of 2.5 billion hryvnias. According to an audit by the Deposit Guarantee Fund, Zhevago and another top manager of the “Finance and Credit” bank issued several knowingly bad loans totaling nearly 5 billion hryvnias in order to embezzle the funds. A Kyiv court ruled to recover 1.5 billion hryvnias from Zhevago in favor of the National Bank of Ukraine.
At the end of the year, Zhevago was placed on an international wanted list due to his systematic failure to appear for questioning by the State Bureau of Investigation (SBI) in a criminal case in which the businessman and politician was a suspect. A court decision on the compulsory recovery of funds also came into effect.
In addition, the Specialized Anti-Corruption Prosecutor’s Office (SAPO) notified Zhevago that he was suspected of providing false information in his income declaration.
In 2014, he was elected as a People’s Deputy of the Verkhovna Rada of the 8th convocation in constituency No. 150 (Poltava Oblast) as an independent candidate, unaffiliated with any faction. He is a member of the Verkhovna Rada Committee on Legal Policy and Justice.
He was frequently absent from plenary sessions and committee meetings in the Verkhovna Rada of the 8th convocation.
In 2012, he was elected a People’s Deputy of the 7th convocation as an independent candidate in constituency No. 150 and was not affiliated with any faction.
From 2006 to 2012, he served as a People’s Deputy in the 5th and 6th convocations representing the “Yulia Tymoshenko Bloc.” Both times, he was No. 62 on the list and was unaffiliated.
He owns 51% of the shares in Ferrexpo AG (a group of companies whose main assets are several iron ore producers in the Poltava region of Ukraine).
In 1998 and 2002, he was elected a member of the Verkhovna Rada of the 3rd and 4th convocations in constituencies No. 149 and No. 150, respectively (Poltava Oblast). Both times, he was an independent candidate.
From 1996 to 1998, he served as chairman of the board of the “Finance and Credit” Financial and Industrial Group, deputy chairman of the board of JSC “Poltava Mining and Processing Plant,” and a member of the supervisory board of JSC “Ukrnafta.” From 1993 to 1995, he served as the financial director of the closed joint-stock company “Finance and Credit.”
He is the owner of the “Vorskla” football club.
He graduated from the Kyiv National Economic University with a degree in “Accounting and Analysis of Foreign Economic Activity.” He holds a Ph.D. in Economics.
He was born on January 7, 1974, in the village of Iultyn, Russian Federation.
