On January 4, the Deposit Guarantee Fund filed a lawsuit with the Economic Court of Kyiv against the owner of JSC Bank "Finance and Credit" Kostiantyn Zhevaho for compensation of losses of the bank and its creditors in the amount of almost UAH 46 billion.
This is stated in the message of the fund, Ukrainian News Agency reports.
This became possible, in particular, thanks to the received documents and evidence collected during the preparation and consideration by the High Court of England and Wales of the case against the owner of the bank.
In this case, the court concluded that it did not have jurisdiction to hear the case due to the need to apply Ukrainian law, but recognized the existence of sufficient grounds for the worldwide seizure of Zhevaho's assets and obtained his written commitment not to evade participation in the legal process in Ukraine.
According to the Deputy Managing Director of the Fund Viktor Novikov, the Ukrainian authority received final conclusions from London lawyers in the summer of this year and began to prepare for the process in Ukraine.
"We have a solid evidence base - more than 7,000 originals and copies of documents - letters, descriptions of schemes and materials of credit cases totaling about 300,000 pages," he clarified.
The main reason for the bank's insolvency and the lack of funds for a full settlement with its creditors were significant losses from the scheme withdrawal of funds through lending to companies related to the bank's owner.
These companies did not return the received loans and most of them turned out to be insolvent.
In fact, it was established that in addition to the bank, related borrower companies, property guarantors and non-resident suppliers of goods were involved in the withdrawal schemes, and all these legal entities, including the bank, were ultimately controlled by Zhevaho.
When lending to the mentioned borrowers, the bank used a cross-collateralization scheme - it took as collateral for a loan collateral for another loan of the same or another related borrower, mostly illiquid property with an unreasonably inflated value.
More than USD 223.1 million and EUR 18.4 million were withdrawn from the bank due to systematic lending to borrowers associated with Zhevaho and transfers of funds to non-resident companies belonging to him under fictitious contracts.
As Ukrainian News Agency earlier reported, former member of the Verkhovna Rada, businessman Kostiantyn Zhevaho faces up to 12 years in prison in Ukraine.
The detention of businessman Zhevaho did not affect the value of Ferrexpo shares.
The former non-factional MP was detained on December 27 in Courchevel (France).
The State Bureau of Investigation and the Prosecutor General's Office have sent a request to the Principality of Monaco for the extradition to Ukraine of the former Member of Parliament and businessman Kostiantyn Zhevaho.
Who we are: About us, Contacts. How we write news and our principles: Editorial code. We did our best. If you found this valuable – please support us.
To request a correction, please send an email.