Elusive Billionaire: How Kostiantyn Zhevago Bypasses Sanctions from Abroad and Maintains Control over GZK

Elusive Billionaire: How Kostiantyn Zhevago Bypasses Sanctions from Abroad and Maintains Control over GZK

Kostyantyn Zhevaho — another Ukrainian billionaire who withdrew about 2.5 billion UAH from the country through the bank “Finance and Credit”, after which he effectively disappeared from view. The bank was declared insolvent in 2015, leaving depositors without funds and causing billions in losses. According to the investigation, funds were systematically withdrawn through controlled companies and fictitious contracts. In 2019, Zhevaho was put on an international wanted list on suspicion of embezzlement and money laundering. Since then, he has not returned to Ukraine and manages his business remotely.

The bank’s scheme relied on issuing loans to “friendly” companies. In this way, 824 million UAH, 130 million euros and 151 million dollars were withdrawn. The funds were transferred to the accounts of non-residents — Eastroad Commerce LLC, Frold Project Limited and other offshore structures. The contracts were executed without any actual delivery of goods — in essence, it was capital flight disguised as foreign economic activity.

Subsequent events developed even more demonstratively. On 28 December 2022, Zhevaho was detained at the French resort of Courchevel at the request of the State Bureau of Investigations. Ukraine sought his extradition in the case of embezzlement of bank funds. However, already in January 2023 he was released on bail of 1 million euros. On 30 March the court refused extradition, and on 10 November the French Supreme Court finally closed the matter.

In March 2023, at the suit of the Deposit Guarantee Fund in Ukraine, Zhevaho’s assets worth 46 billion UAH were seized. According to the Fund, the businessman had concealed property that could have been used to partially compensate depositors. No real return of funds took place — the assets remain under his de facto control.

In 2025, sanctions were imposed against Zhevaho: asset freezes, bans on disposing of property and withdrawing capital. The restrictions cover financial transactions, corporate rights and any deals. Formally, he is cut off from the Ukrainian economy, yet control over key assets is retained.

At the same time, Zhevaho continues to fully control the Poltava, Yeristovo and Bilanovo GZKs. Through them, a scheme of understating the value of raw materials was implemented: 2.3 million tonnes of products were sold as “screenings” for 80 million UAH. After resale through other structures, the proceeds already exceeded 370 million UAH. The difference settled in controlled companies, while the state lost taxes and lease payments.

Transit companies without real economic activity, in particular GEOMAX LLC, were used to implement the scheme. The company existed solely for signing contracts. Actual deliveries of raw materials went directly to the GZKs, bypassing the intermediary. This made it possible to create a fictitious chain and legalise profits. The total volume of such operations amounts to hundreds of millions of hryvnias.

When cases reached the courts, another level of influence became apparent. In 2023, NABU exposed Supreme Court Chairman Vsevolod Knyazev taking a bribe of 2.7 million dollars. The money was intended for a ruling in a case related to the Poltava GZK, which is part of Zhevaho’s orbit. The HACC found Knyazev guilty, effectively confirming that issues concerning Zhevago’s assets were being resolved through controlled court decisions.

After this, a “controlled bankruptcy” of the Poltava GZK with a debt of 4.7 billion UAH was initiated. The court introduced asset management proceedings and effectively blocked other creditors. This allowed assets to be redistributed within a managed process without losing control.

It should be noted that we filed a crime report requesting an investigation into Zhevaho’s involvement in the embezzlement of 2.5 billion UAH from the bank “Finance and Credit”, to establish the facts of funds being withdrawn through Eastroad Commerce LLC, Frold Project Limited and other non-resident companies, to verify Zhevaho’s control over PJSC “Poltava GZK”, LLC “Yeristovo GZK” and LLC “Bilanovo GZK”, as well as to establish the facts of the sale of over 2.3 million tonnes of raw materials at an understated value through LLC “GEOMAX” and the use of the Poltava GZK bankruptcy procedure as a mechanism for asset withdrawal.

While Zhevaho remains abroad, his business empire in Ukraine is not merely preserved — it continues to generate profit. The bank has been destroyed, billions have been siphoned out, sanctions have been imposed, yet key assets remain under his control. Through courts, bankruptcies and controlled structures, property is being redistributed. Only the legal forms change, while real control remains the same as before. The main question is who enables this for him.