Billionaire Ukrainian tycoon denies embezzlement charge in French court
A Ukrainian billionaire and former member of the Kyiv parliament suspected of embezzling 100 million euros has told a French court the case against him is politically motivated. He says he wants to return to Ukraine to defend his country against Russian invaders.
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Mining magnate Kostiantyn Zhevago was arrested in the ski resort of Courchevel in the French Alps last week, on the basis of an international warrant issued by Ukraine.
The Kyiv authorities submitted 244 pages of documents supporting the extradition request.
Zhevago, who is 48, said he had nothing to do with the embezzlement and money laundering of which he is accused. He vigorously objected to extradition and claimed the warrant was politically motivated.
“It’s really a political thing. I have always fought corrupt people in Ukraine,” he told a court hearing on Thursday in Chambery in the French Alps.
He said he wanted to return to Ukraine – not to go to prison, but to fight the Russian "aggressors".
Former MP
Zhevago was the director of Ukraine’s bankrupt Finance and Credit Bank, and the former chief executive of mining company Ferrexpo.
Ferrexpo, a London-listed company, is one of the world’s top exporters of iron ore pellets. Zhevago is the company's majority shareholder.
Ferrexpo's operating base is in central Ukraine.
Zhevago was a member of Ukraine's parliament from 1998 to 2019, serving mainly as an independent.
In 2019, Ukrainian authorities launched a criminal case accusing him and other top managers of Finance & Credit Bank of jointly embezzling over 100 million euros, according to Ukraine’s State Bureau of Investigations.
Officials say the alleged scheme harmed “the interests of the state and the bank’s depositors".
The case led to the seizure of Zhevago’s properties, companies linked to him and other assets in Ukraine.
Flight risk
Zhevago's lawyers requested his release from French custody pending further extradition hearings.
Prosecutors argued that he represents a flight risk.
His main residence is in Dubai, his family lives in London and he lodged an asylum request in Gibraltar.
The court noted he had “very significant resources” to fund travel.
“The Ukrainians say that I am an oligarch but it is not true. I have always fought the oligarchs,” Zhevago told the court.
Following the hearing, he was driven to a detention facility in the nearby town of Aiton.
Zhevago's personal fortune has shrunk since the Russian invasion.
Forbes estimated his net worth last year at $1.3 billion, down from a pre-war estimate of $2.2 billion.
“He considers that he has nothing to do here,” pleaded one of his lawyers, François Zimeray. “Mr Zhevago totally supports his people."
(with wires)
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