France seizes Ukrainian oligarch Zhevago's $40 million Paris mansion in embezzlement investigation

Detailed summary

The property was seized on Nov. 9 as part of an investigation into the alleged embezzlement of $113 million from Ukraine's now-defunct Finance and Credit Bank, which Zhevago previously controlled.

French authorities have seized a Paris mansion worth $40 million belonging to Ukrainian businessman and former lawmaker Kostyantyn Zhevago at the request of Ukrainian prosecutors, the Prosecutor General's Office reported on Nov. 13.

The property was seized on Nov. 9 as part of an investigation into the alleged embezzlement of $113 million from Ukraine's now-defunct Finance and Credit Bank, which Zhevago previously controlled.

According to investigators, Zhevago, who controlled more than 90% of the bank's share capital, allegedly conspired with other senior bank officials to embezzle the funds, which were subsequently laundered through offshore structures and companies under his control.

The seizure followed a request for international legal assistance submitted by Ukrainian prosecutors on Sept. 17. Ukrainian authorities received confirmation of the seizure from their French counterparts on Nov. 10.

"This is another important piece of evidence that assets abroad are not beyond the reach of Ukrainian justice. We continue working toward this goal together with our international partners," acting Prosecutor General Anton Kovalsky said.

Zhevago, a major shareholder in iron ore producer Ferrexpo, has faced several criminal investigations in Ukraine. He was sanctioned by Ukrainian authorities in February 2025.

The businessman was detained in France in December 2022 at Ukraine's request but was later released on bail. French courts have repeatedly rejected requests for his extradition, most recently in October 2025, citing concerns over his right to a fair trial in Ukraine.

Opening of the article, excerpted from The Kyiv Independent. To read the rest, open the article on the publisher's site.