Defense Denies New Allegations Against Tycoon Kostyantyn Zhevago in Paris

The Case Against Kostyantyn Zhevago

According to Главком: Ukrainian authorities have announced new criminal allegations against businessman Kostyantyn Zhevago in Paris, which his legal team has forcefully denied. The Office of the Prosecutor General and the State Bureau of Investigation stated that Zhevago was served with a notice of suspicion for creating a criminal organization, embezzlement, and money laundering involving the 'Finance and Credit' bank, with total damages exceeding 519 million hryvnias. Zhevago has been living abroad for over five years and was placed under sanctions by Ukraine's National Security and Defense Council on February 12, 2025. This case is part of Ukraine's broader efforts to investigate high-profile financial crimes following the 2014 revolution.

Zhevago's defense, represented by lawyer Natalia Pushina, issued a statement calling the information about the new suspicion slanderous and false.

"These statements are slanderous, do not correspond to reality, and aim to exert political pressure and facilitate the raider seizure of property belonging to Kostyantyn Zhevago and his family," Pushina noted.

She added that over the last nearly seven years, the defense has repeatedly initiated investigative actions involving Zhevago, but investigators from the State Bureau of Investigation and prosecutors from the Office of the Prosecutor General have refused to provide explanations.

Investigation Details

According to the investigation, Zhevago controlled over 96% of the statutory capital of the 'Finance and Credit' bank, which is currently in the process of liquidation. He is accused of creating and leading a criminal organization, embezzlement of property on a particularly large scale, and legalization of criminally obtained income.

Prosecutor General Ruslan Kravchenko noted that the criminal organization was created from among the bank's top management.

"Its activities consisted of the systematic withdrawal of funds from the bank through a network of controlled companies and foreign financial institutions: from concluding fictitious loan and guarantee obligations to the subsequent withdrawal and legalization of funds abroad," Kravchenko added.

Kostyantyn Zhevago is the majority shareholder of the mining company Ferrexpo. According to Forbes, his fortune was estimated at $1.5 billion at the beginning of 2025, while in 2021 it was $2.4 billion. In the ranking of the world's richest people, Zhevago held the 3017th place with a fortune of $1.2 billion.

The situation surrounding Kostyantyn Zhevago and the new suspicions against him underscore the complexity and scale of financial crime investigations in Ukraine. The issue of legalizing funds withdrawn abroad remains pertinent, as such cases can have serious consequences not only for the individuals involved but also for the country's financial system as a whole.

As the situation surrounding Kostyantyn Zhevago intensifies, it's important to note that he is not the only figure facing legal scrutiny abroad. Recently, another high-profile Ukrainian ex-lawmaker was charged in Paris, highlighting a broader trend of investigations into prominent individuals. To understand the implications of these developments and how they connect to ongoing diplomatic efforts, read more about this related case involving a Ukrainian delegation heading to the US.