The crackdown on the shadowy schemes of one of Ukraine’s most notorious fugitive oligarchs, Kostiantyn Zhevago, is gaining momentum. At the initiative of the State Bureau of Investigation (DBR), the property of this controversial businessman, who has been evading justice for years, has been transferred to the National Agency of Ukraine for Asset Recovery and Management (ARMA) by court order. This move marks a logical escalation in a high-profile criminal investigation exposing financial machinations that have cost Ukraine millions of dollars.
The scandal centers on the Finance and Credit Bank, once a cornerstone of Zhevago’s empire, which later became a symbol of financial ruin. The DBR suspects the oligarch and his accomplices of embezzling a staggering $113 million from the institution. According to investigators, these funds were siphoned off through intricate schemes, leaving depositors and the state empty-handed. It is within the framework of this investigation that the assets now transferred to ARMA were seized.
On February 28, 2025, the Pechersk District Court of Kyiv put an end to yet another chapter in the battle against Zhevago’s shadowy empire. Granting a motion from a prosecutor of the Office of the Prosecutor General, the court authorized the transfer to ARMA of corporate rights in 16 enterprises tied to the oligarch’s orbit. Among them is a 49.5% stake in the charter capital of Poltava Mining and Processing Plant (Poltava GZK), one of Ukraine’s largest mining giants. The court ruling has already been forwarded to ARMA for execution, signaling the start of a new phase in managing these assets.
The scale of the seized property is staggering. Beyond corporate rights, the haul includes shares in Zhevago’s enterprises worth hundreds of millions of hryvnias, 26 real estate properties—such as wellness complexes, hotels, and commercial spaces—and even a yacht, once a ostentatious emblem of the oligarch’s lavish lifestyle. The seizure also extends to the assets of legal entities linked to Zhevago, including 14 property complexes, 21 parts of property complexes, 30 non-residential premises, and 10 apartments in prime locations.
Back in October 2020, assets valued at over 300 million hryvnias were already handed over to ARMA. That transfer included corporate rights, cash, and 26 real estate properties spanning more than 22,000 square meters. These assets, located in the central districts of Kyiv, Kharkiv, Poltava, and Kryvyi Rih, encompassed residential buildings, commercial premises, and wellness complexes. Today, the scope of confiscation is only expanding, a clear sign that Zhevago’s days of impunity are numbered.
Kostiantyn Zhevago, once listed among Ukraine’s richest individuals and a former member of parliament, has long been a wanted man on the international stage. The DBR issued a notice of suspicion against him years ago, accusing him of involvement in the $113 million embezzlement from Finance and Credit Bank. Alongside the oligarch, several top bank executives implicated in the alleged schemes are also under investigation.
Since then, Zhevago has been hiding abroad, evading accountability. Yet his empire in Ukraine is crumbling piece by piece. Asset seizures, transfers to ARMA, and the relentless efforts of the DBR are tightening the noose around the once-untouchable oligarch. Each new court ruling drives another nail into the coffin of his financial legacy.
The transfer of assets to ARMA is not just a blow to Zhevago—it’s a warning to all who have grown accustomed to living beyond the law. The National Agency will now oversee the management of these assets, which could involve their sale or lease to generate revenue for the state budget. However, a critical question lingers: will the stolen millions be recovered, and will the guilty be brought to justice?
For Ukraine, a nation grappling with corruption and shadowy schemes, the Zhevago case is a litmus test for the resilience of its law enforcement system. As the oligarch remains in hiding somewhere abroad, his assets in Ukraine are under the state’s microscope. Could this mark the beginning of the end for other “untouchables”? Only time will tell.