Switzerland seizes $113mln of Ukrainian fugitive oligarch’s assets
Swiss authorities have seized more than USD 113 million on the accounts of companies related to former MP and shareholder of Finance and Credit Bank Kostyantyn Zhevago, the state bureau of investigation (DBR) said in a statement on Wednesday.
It said that Mr Zhevago’s Swiss assets had been seized in accordance with a Kyiv court decision.
"Currently, the DBR is working to ensure that the seized assets are transferred to the ARMA [the asset recovery and management agency] with the assistance of the Swiss side," the statement read.
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Mr Zhevago is suspected in Ukraine of embezzling USD 113 million from Finance and Credit Bank, damaging the state’s and the depositors’ interests.
An offshore company linked to the oligarch, per the investigation, opened credit lines with foreign banks in 2007-2014, with Finance and Credit becoming the guarantor of the credits with its own funds.
As a result, foreign banks recovered USD 113 million from the accounts of Finance and Credit in 2015 for the offshore company’s default, and the collateral was written off immediately after the bank was declared insolvent.
Following several years since Mr Zhevago was put on the international wanted list, he was arrested in France in December.
The local court later released him from custody on bail of EUR 1 million, while Ukraine’s extradition request is pending.
Mr Zhevago himself claims the case against him is politically motivated and expects it to be closed or brought to court.