Zhevaho's assets will remain under seizure at DGF request - appeals court decision

On November 7, the Northern Commercial Court of Appeal upheld the decision to seize a number of assets of Kostiantyn Zhevaho at the request of the Deposit Guarantee Fund (DGF).

This is stated in the message of the DGF, the Ukrainian News agency reports.

Zhevaho and his Ferrexpo AG tried to appeal, in particular, the seizure of 1% of the authorized capital of Poltava Mining PrJSC; 1% of the authorized capital of Yeristovo Mining LLC and 1% of the authorized capital of Belanovo Mining LLC - part of the assets that were seized in 2023 as security for the claim of the Guarantee Fund in case No. 910/268/23.

In addition, they tried to challenge the seizure of all other assets of the owner of the Finance and Credit bank in Ukraine, which the Deposit Guarantee Fund won in court in July 2024.

The current decision of the Northern Commercial Court of Appeal allows to keep the seized assets and in case of a positive decision of the court on the claim of the Guarantee Fund to K. Zhevaho for UAH 46 billion (case No. 910/268/23) at the expense of their recovery to receive compensation for losses caused to the bank and its creditors by the actions of the shareholder of the Finance and Credit bank.

This case is currently at the stage of preparatory hearings in the court of first instance.

As the Ukrainian News agency earlier reported, losses were caused to the Finance and Credit bank and its creditors by systematic lending to companies related to the bank's shareholder and transferring funds to non-resident companies belonging to it without proper security.

The State Bureau of Investigation completed the investigation of the criminal proceedings against the former top officials of the Finance and Credit bank, which is owned by businessman Kostiantyn Zhevaho, on suspicion of embezzlement of the property of the financial institution in the amount of more than UAH 608 million.