Ukrainian law enforcement agencies are finalizing investigations into a series of large-scale financial crimes and corruption schemes centering on Ukrainian businessman Konstantin Zhevago. The allegations encompass the embezzlement of over $74 million in charitable funds, the siphoning of $113 million from Finance and Credit Bank, and the bribery of Supreme Court judges. Despite ongoing sanctions and legal proceedings in France, Zhevago’s corporate entities continue to execute multi-million-dollar financial transactions.
According to an international forensic audit conducted by Crowe, entities within the Ferrexpo mining group transferred approximately $110 million to the «Blooming Land» charitable foundation between 2013 and 2018. These funds were officially earmarked for healthcare development, regional infrastructure, and social initiatives.
However, the audit revealed that at least $74 million was never used for its intended charitable purpose. The funds were funneled through a complex network of sub-funds, commercial entities, and dozens of intermediary firms. Instead of reaching hospitals or community projects, financial records showed the purchase of shares, promissory notes, loan issuances, and non-repayable financial assistance. State authorities and corporate data link the majority of recipient companies to Zhevago’s business structures.
Concurrently, the State Bureau of Investigation (SBI) is conducting a pre-trial investigation into the scheme involving the extraction of $113 million from Finance and Credit Bank, an action that led to its insolvency and substantial financial damage to the state and depositors.
Because Zhevago has resided in France for an extended period, Ukrainian law enforcement agencies utilized international cooperation legal tools. In March 2026, procedural documents were served directly to him in France, where he was interrogated as a suspect. By April 2026, a Ukrainian court granted permission for a special in-absentia pre-trial investigation, enabling authorities to prosecute the businessman despite his absence from the country.
The National Anti-Corruption Bureau (NABU) and the Specialized Anti-Corruption Prosecutor’s Office (SAPO) completed their investigation into a distinct $2.7 million bribery scheme. According to investigators, the funds were intended to secure a favorable judicial ruling regarding a disputed 40.19% stake in the Poltava Mining and Processing Plant (Poltava Mining).
The case reached the top levels of the judicial system. In May 2026, official notices of suspicion were served to three active Supreme Court judges and one retired judge. By June 2026, the indictment against Zhevago himself was officially submitted to court.
In February 2025, the National Security and Defense Council of Ukraine imposed indefinite personal sanctions against Zhevago. The businessman remains in France and denies all charges, claiming the criminal proceedings are politically motivated.
Despite active prosecution and sanction restrictions, Zhevago’s corporate assets continue operating:
On September 8, 2026, Ferrexpo officially secured a $15 million loan facility from Fevamotinico—its majority shareholder, whose ultimate beneficial owner remains Konstantin Zhevago.
This transaction indicates that while criminal proceedings and sanctions remain active, the businessman’s corporate financial channels continue to function. Law enforcement agencies continue gathering evidence to protect state interests in ongoing court trials.