Connect with us

France

Ukrainian billionaire Zhevago to be released on bail pending French ruling

SHARE:

Published

3 years ago

on

We use your sign-up to provide content in ways you've consented to and to improve our understanding of you. You can unsubscribe at any time.

A French court voted on Thursday (5 January) to release Ukrainian billionaire Kostyantyn Zevago on bail. This was ahead of an extradition hearing Jan 19 to determine if he should be transferred to Ukraine to face embezzlement and other charges.

Zhevago, a 48 year-old billionaire, controls Ferrexpo (FXPO.L.) a London-listed iron pellet producer. He was detained in France at Ukraine's request in December.

The DBR, Ukraine's state bureau for investigation, has stated that the billionaire is wanted in connection with the disappearance of  $113 million from Finance & Credit Bank.

One of Ukraine's most successful businessmen, Zhevago told the court that he had done nothing wrong and that he should not be extradited.

"This is my first time in jail. I didn't do the things that I was accused of in this case and did not deserve it."

He added: "I ask your permission to leave prison until the next hearing. I will do everything that you requested."

Chambery, in eastern France, said that it had granted him bail for €1 million ($1.05million). This confirms a report by Francois Zimeray, one of Zhevago’s lawyers.

Advertisement

Zhevago must present his passports to authorities and report to the police three times per week. He also has to respond to legal summons.

Although the court was originally scheduled to hold the extradition hearing Thursday, Zhevago's lawyers said that they needed more time to prepare. The judges accepted the request and set the new date for 19 January.

In 2019, Ukraine issued Zhevago an arrest warrant. An international warrant will follow in 2021.

Zhevago was a member of the Ukrainian parliament between 1998 and 2019.

He was arrested in France during Ukraine's larger efforts to reform its oligarch-dominated economic system. A small number of elites have dominated Ukraine's political system and economy since 1991 when it gained independence. Volodymyr Zelenskiy, the Ukrainian President, has promised to reduce the influence of the oligarchs on the economy.

Forbes Ukraine, a monthly publication, estimated Zhevago’s wealth at $2.4 billion in 2021. According to the publication, Zhevago's net worth was $1.4bn as of 2022.

Etienne Arnaud (Zhevago's lawyer) told the court that he must be able "to continue to manage his business, and his businesses" while in prison, advocating for his release.

Share this article:

Share this:
Related Topics:
EU Reporter publishes articles from a variety of outside sources which express a wide range of viewpoints. The positions taken in these articles are not necessarily those of EU Reporter. Please see EU Reporter’s full Terms and Conditions of publication for more information EU Reporter embraces artificial intelligence as a tool to enhance journalistic quality, efficiency, and accessibility, while maintaining strict human editorial oversight, ethical standards, and transparency in all AI-assisted content. Please see EU Reporter’s full A.I. Policy for more information.
Advertisement

Trending