French authorities seized a $40 million Paris mansion belonging to Ukrainian businessman and former lawmaker Kostyantyn Zhevago on November 9. This action follows a request for international legal assistance that Ukrainian prosecutors submitted on September 17. Ukrainian authorities received confirmation of the seizure from French counterparts on November 10. The Prosecutor General’s Office reported this development on November 13.
Alleged bank fraud and money laundering
Investigators claim Zhevago, who controlled more than 90% of the share capital of the now-defunct Finance and Credit Bank, conspired with other senior bank officials to embezzle $113 million. The prosecution alleges they laundered these funds through offshore structures and companies under his control. I find the repeated failure of French courts to extradite him despite his December 2022 detention extremely frustrating. French courts rejected extradition requests as recently as October 2025 because of concerns over his right to a fair trial in Ukraine.
Acting Prosecutor General Anton Kovalsky said, "This is another important piece of evidence that assets abroad are not beyond the reach of Ukrainian justice." Zhevago, a major shareholder in iron ore producer Ferrexpo, has faced several criminal investigations in Ukraine and received sanctions from those authorities in February 2025. He was released on bail after his initial detention in France. Zhevago has denied wrongdoing regarding the alleged embezzlement.
| Detail | Value |
|---|---|
| Mansion value | $40 million |
| Alleged embezzlement amount | $113 million |
| Zhevago bank stake | Over 90% |
