Ukraine’s Deposit Guarantee Fund (DGF) filed a lawsuit for UAH 46 billion ($1.25 billion) against former owner of the Finance & Credit Bank, Kostyantin Zhevago, DGF said in a press release on Jan. 4.
According to the message, the legal move was made possible thanks to new evidence collected during proceedings against Zhevago in the High Court of England and Wales.
“We received the final conclusions from London lawyers in the summer of 2022, and started preparing for the process in Ukraine,” said Viktor Novikov, Deputy Managin Director of DGF.
“We have a strong evidence base — more than 7,000 originals and copies of documents — letters, descriptions of schemes, and loan case materials totaling about 300,000 pages.”
Previously, the UK court concluded that it does not have jurisdiction to consider DGF’s case against Zhevago due to the need to apply Ukrainian legislation.
Meanwhile, it recognized the existence of sufficient grounds for worldwide seizure of Zhevago’s assets and received his written commitment not to evade participation in the legal process in Ukraine.
On Dec. 28, Zhevago was detained in Courchevel, France, on suspicion of money laundering and embezzling funds linked to his banking business at home. The former banker now faces extradition to Ukraine.
French police arrested former Ukraine lawmaker and businessman Kostyantin Zhevago at the request of the Ukrainian State Bureau of Investigation (SBI) which has accused the businessman of siphoning $113 million from the now-bankrupt Finance & Credit Bank and transferring the fund to his private accounts overseas.
The court in the French city of Chambery sent Zhevago under extradition arrest. He will be in custody for the next 40 days, while French law enforcement officers consider Ukraine’s request for his extradition. The extradition hearing is scheduled for Jan. 5.
Zhevago has denied any wrongdoing. A number of former top managers of the bank also appear in the embezzlement case.