Former Ukrainian Lawmaker Zhevago Charged in France Over $519 Million Bank Fund Diversion.

Inside the Case Against the Owner of Bank 'Finance and Credit'

According to TSN.ua: Authorities in France have formally charged Kostyantyn Zhevago, a former member of the Ukrainian parliament, in connection with a large-scale scheme to siphon funds from Bank 'Finance and Credit'. Zhevago, the bank's ultimate beneficiary, now faces accusations as the institution undergoes liquidation. The legal proceedings took place in Paris, involving French law enforcement, Ukrainian prosecutors, and investigators from the State Bureau of Investigation (SBI).

The investigation alleges that Zhevago was involved in:

• establishing and leading a criminal organization,
• embezzling property on an especially large scale,
• laundering illicitly obtained income.

Records show that the former lawmaker controlled over 96% of the bank's charter capital. The total documented losses in this case exceed 519 million Ukrainian hryvnias (approximately $19 million at current exchange rates).

Ruslan Kravchenko stated: 'Today in Paris, acting on a request for international legal assistance, the authorized bodies of the French Republic, with the participation of Ukrainian prosecutors and SBI investigators, served a notice of suspicion to the former people's deputy.'

Notably, sanctions against Kostyantyn Zhevago were imposed under a decree by the President of Ukraine dated February 12, 2025.

This case carries significant weight for Ukraine's financial system and its international relations, as it involves a massive diversion of assets from a banking institution, raising serious concerns among law enforcement agencies. The collaboration between Ukrainian and French authorities underscores the gravity of the investigation and the commitment to holding those responsible accountable. The outcome of this case could impact Ukraine's investment climate and the overall reputation of its banking sector.