Formal Charges Issued in Paris
Ukrainian businessman and former member of parliament, Konstantin Zhevago, has been formally notified of criminal charges while in Paris. The charges relate to the alleged creation of a criminal organization, embezzlement, and money laundering through the 'Finance and Credit' bank. According to investigators, the total damages inflicted on the bank exceed 519 million Ukrainian hryvnias. Zhevago has been living outside Ukraine for over five years and was placed under sanctions by Ukraine's National Security and Defense Council on February 12, 2025.
Allegations and Business Control
Konstantin Zhevago, the former owner of the now-defunct 'Finance and Credit' bank, is facing serious criminal allegations. He controlled over 96% of the bank's statutory capital. The investigation alleges that a criminal organization was formed from within the bank's senior management. Funds were allegedly siphoned off through a network of controlled companies and foreign financial institutions using fictitious loan and guarantee agreements, facilitating the subsequent transfer and laundering of money abroad.
Following the formal notification of charges, Zhevago was questioned as a suspect. Ruslan Kravchenko, a representative of the investigation, stated:
'According to the investigation, the suspect, who for a long time effectively controlled over 96% of the statutory capital of the 'Finance and Credit' bank, created and headed a stable, hierarchical criminal organization from among the bank's top management. Its activities involved the systematic withdrawal of the bank's funds through a network of controlled companies and foreign financial institutions: from concluding fictitious loan and guarantee obligations to the subsequent withdrawal and laundering of funds abroad.' Ruslan Kravchenko, representative of the investigation
In response, Zhevago expressed doubts about the validity of the charges during the proceedings, emphasizing what he called their political nature. 'This once again confirms that accountability comes regardless of a person's status, influence, or country of residence. We were prepared for this. The investigation continues,' he noted.
It is worth noting that Zhevago's fortune was estimated at $2.4 billion in 2021, but by early 2025, Forbes had reduced this estimate to $1.5 billion. In October 2025, the Paris Court of Appeal refused to extradite Konstantin Zhevago, a decision influenced by requests from Ukraine's Prosecutor General's Office and the National Anti-Corruption Bureau. The criminal case also involves suspicions of bribing the head and judges of Ukraine's Supreme Court.
This case highlights the ongoing challenges Ukraine faces in prosecuting high-profile financial crimes, especially when suspects reside abroad. The refusal of extradition and the suspect's political claims underscore the complexities of international legal cooperation. The investigation is ongoing and could have significant implications for Ukraine's financial system and its international reputation in the fight against corruption.