Kostyantyn Zhevago

Kostyantyn Zhevago
Kostyantyn Zhevago
Born	January 7, 1974 (age 52); Iultin, Chukotka Autonomous Okrug, Magadan Oblast, Soviet Union
Occupation(s)	Entrepreneur, philanthropist, politician
Years active	1993–present
Known for	Member of Verkhovna Rada (1998–2019), Executive Director of Ferrexpo (2008–2019), owner of Finance and Credit Bank, owner of Vorskla Poltava football club

Kostyantyn Valentynovych Zhevago (, ; born 7 January 1974) is a prominent Ukrainian entrepreneur, philanthropist, and political figure. He was a member of the Verkhovna Rada for over two decades (1998–2019) and held the position of Executive Director at Ferrexpo from 2008 until 2019.

Early life and career

Zhevago was born in Iultin, Chukotka Autonomous Okrug, Magadan Oblast, within the former Soviet Union, to a father who worked as a mining engineer. He spent his childhood in Dniprorudne, Ukraine, and has been a Ukrainian citizen since 1991.

After graduating with distinction from school, he enrolled in Kyiv National Economic University in 1991, focusing on accounting and analysis of foreign economic activities. He obtained a master's degree in International Economics in 1996 and later earned a PhD in Economics in 2003, specializing in international investments and economic growth.

Business

Between 1993 and 1996, Kostyantyn Zhevago occupied the role of Financial Director at Finance and Credit JSC. From 1996 to 1998, he served as Chairman of the Board at Finance and Credit Bank, acted as Deputy Chairman of the Supervisory Board at Ferrexpo Poltava Mining, and was a member of Ukrnafta’s Supervisory Board.

At just 34 years old, Zhevago became the first Ukrainian billionaire to lead Ferrexpo through a public offering on the London Stock Exchange’s main market with a premium listing. Ferrexpo is listed on both the FTSE 250 and FTSE4Good indices. As its principal shareholder, he spearheaded investments exceeding $3 billion into Ukrainian enterprises.

In 2007, Forbes recognized him as the youngest self-made billionaire worldwide. Prior to its liquidation in 2015, his Finance and Credit Bank ranked among Ukraine’s top ten banks. Throughout his professional journey, Zhevago has held executive positions across various sectors including mining, metallurgy, machine-building, pharmaceuticals, and food production. Additionally, he was the largest stakeholder in Avtokraz (KrAZ), channeling significant investments into defense technology such as chassis for the Neptune missile system—instrumental in sinking Russia’s Black Sea Fleet flagship Moskva—and platforms like the Bogdana howitzer and Verba multiple launch rocket system. He is also the owner of Vorskla Poltava, a team competing in the Ukrainian Premier League.

Political activity

At age 24, Zhevago was elected to parliament in 1998 as People's Deputy of Ukraine representing electoral districts within Poltava Oblast. During his tenure, he participated on committees related to Economic Policy, Legal Policy, National Economy Management, Property and Investments, and led inter-parliamentary relations with Japan.

Over his parliamentary career spanning from 1998 to 2019, he was associated with factions such as "European Choice," "Regions of Ukraine," "Reforms and Order," and the "Tymoshenko Bloc." He also contributed to Ukraine’s delegation at the Parliamentary Assembly of the Council of Europe and served on the Special Control Commission overseeing Privatization.

Zhevago secured election victories as an independent candidate in Poltava’s 150th district in both 2012 (with 61.20% of votes) and 2014 (with 43.81%), serving on committees focused on Legal Policy and Rule of Law. In the 2019 election cycle, he sought re-election but was defeated by a candidate from the ruling Servant of the People party.

Controlled assets

He has occupied executive and supervisory board positions in both Ukrainian and international enterprises spanning the sectors of mining, metallurgy, machinery manufacturing, pharmaceuticals, and food production.

Established in 1990, the bank known as Finance and Credit was ranked among Ukraine’s largest financial institutions by asset volume according to the National Bank of Ukraine. As of 1 April 2009, its authorized capital stood at ₴2 billion, with net assets totaling ₴18.316 billion and liabilities amounting to ₴15.840 billion. The loan portfolio reached ₴15.880 billion, including ₴5.983 billion extended to individual borrowers. The bank maintained a network of 16 branches and 326 departments across Ukraine. Based on data from the Ukrainian Bank Association, it was positioned within the top 10 out of 162 banks at that time. Nevertheless, on 17 December 2016, the National Bank of Ukraine revoked its license and proceeded with its liquidation.

Group companies

Real estate: JSC «F&C Realty», Hotel «Salute» Kyiv, Institute «Kyivsoyuzdorproekt»
Energy: JSC "Bilotserkivska teploelektrotsentral", Ukrenerhosbut, Ukrainian-German «Mega-motors»
Chemical industry: JSC «Rosava», Stakhanov factory of technical carbon, Zatisnyansk chemical factory
Machine building and engineering: AvtoKrAZ, Uzhhorod «Turbogaz», Stakhanov carriage works, Berdychiv machine-shop «Progress»
Shipbuilding: Zaliv Shipbuilding yard, "Kyiv shipbuilding and ship repair factory"
Metallurgy and resources: Major shareholder of Ferrexpo Poltava Mining, Skopski Legury (ferro-alloys), Electrometallurgical plant «Vorskla Steel» (under construction), Electrometallurgical factory «Vorskla steel Denmark»
Pharmaceuticals: Significant stakes in JSC "Kyivmedpreparat", "Gemoplast", "Halychfarm"
Food processing: Significant equity in PJSC Company Kremenchukmyaso

Wealth

At one point recognized by Forbes as the youngest billionaire worldwide, his fortune has been extensively documented. In 2006, assessments by Korrespondent magazine, Kyiv Post, and Dragon Capital appraised his net worth at approximately $1.9 billion, ranking him fifth among Ukraine’s wealthiest individuals. By March 2012, Forbes listed him as #719 globally and fourth within Ukraine with an estimated $1.8 billion. The NV magazine’s October 2019 “Top 100 Richest Ukrainians” report valued his assets at $744 million—a rise of 30% compared to the previous year—positioning him ninth on the list. In 2022, Ukrainian Forbes placed Kostyantyn Zhevago among the nation's top five richest people.

Commercial proceedings

Following a legal process lasting three and a half years, on 2 October 2019 the Shevchenko Court of Kyiv mandated Kostyantyn Zhevago to pay ₴1.5 billion to the National Bank of Ukraine. The court determined that he had not met his obligations under a surety contract related to refinancing loans. Subsequently, on 13 December, the Kyiv Court of Appeal rejected Zhevago’s appeal due to non-payment of court fees, thereby enforcing the mandatory recovery.

Criminal proceedings

In mid-2019, coinciding with his registration as a candidate for People's Deputy of Ukraine, criminal investigations were launched against Zhevago concerning alleged misappropriation of ₴2.5 billion. The State Bureau of Investigation (Ukraine) summoned him for interrogation on 27 September 2019; absent abroad at that time, he was placed on an international wanted list on 3 December 2019. Investigations conducted by the Deposit Guarantee Fund accuse Zhevago along with other executives from Finance and Credit (bank) of issuing nearly ₴5 billion in non-performing loans aimed at diverting funds unlawfully. Despite over five years of inquiry, no trial has commenced. His legal representatives report restricted access to case files and breaches of fair trial guarantees.

Between 2007 and 2014, an offshore entity associated with Zhevago obtained multiple credit facilities from foreign banks secured by pledge agreements totaling $113 million with Finance and Credit Bank. In 2015, due to defaults by this offshore company, foreign banks withdrew $113 million from Finance and Credit accounts. This collateral was subsequently written off following Finance and Credit’s insolvency declaration. The investigation remains ongoing without proceeding to trial.

On 27 December 2022, Ukrainian authorities requested his detention in Courchevel, France, where he was apprehended. The Chambéry court issued an extradition arrest warrant accusing him of large-scale embezzlement and abuse of power involving Finance and Credit Bank officials. However, French courts in March and November 2023 denied Ukraine’s extradition requests citing concerns about judicial independence in Ukraine; all restrictions on Zhevago were lifted accordingly.

In May 2024, new charges surfaced alleging that Zhevago orchestrated the illicit withdrawal of UAH 519 million from Finance and Credit Bank through a criminal organization formed between 2007-2010 comprising deputies and bank employees. Investigators claim unauthorized loans were issued and funneled offshore. Zhevago’s defense team rejects these allegations, pointing out that repeated audits by the National Bank of Ukraine found no irregularities.

Additionally, Zhevago was implicated in a bribery case in 2023 involving Vsevolod Kniaziev, Chairperson of Ukraine’s Supreme Court. On 10 July 2024, a court ordered his detention in absentia; he denies any involvement asserting political motivation behind the accusations while residing in France during the investigation.

In 2025, President Volodymyr Zelenskyy imposed sanctions on Zhevago among others for alleged "high treason" and endangering national security through unfavorable interactions with Russia. Following this action, Ukrainian prosecutors initiated criminal cases against him. Zhevago denies all charges emphasizing that both he and his companies have been subject to Russian sanctions since October 2018.

External links