2023-03-07T15:46:00+02:00 Politics 2024-05-15T05:08:43+03:00

Ukrainian news

Court Arrests Zhevaho's Assets To Secure DGF UAH 46 Billion Claim

Court Arrests Zhevaho's Assets To Secure DGF UAH 46 Billion Claim

The Deposit Guarantee Fund (DGF) seeks the arrest of the assets of the owner of JSC Bank Finance and Credit Kostiantyn Zhevaho within the scope of securing a claim 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.

The relevant decision was adopted by the Economic Court of Kyiv based on the fund's application to secure the claim.

In passing this decision, the court took into account the confirmation provided by the fund that the defendant tried in various ways for a long time to hide the fact of ownership of the property belonging to him, at the expense of which in the future the fund's claims against Kostiantyn Zhevaho may be satisfied.

Although, according to Article 52 of the Law of Ukraine "On the System of Guaranteeing Deposits of Individuals", managers, owners of significant participation and ultimate beneficial owners of an insolvent bank or a bank in respect of which a decision has been made to revoke the banking license and liquidate the bank, are obliged to provide the fund at its request with information on everything belonging to them property (assets) and liabilities, Zhevaho did not fulfill this requirement.

As a result, the court arrested the following assets:

- part of corporate rights in the amount of 50.3% of the authorized capital of PJSC Poltava ore mining and enrichment plant;

- part of corporate rights in the amount of 50.3% of the authorized capital of LLC Yeristovo ore mining and enrichment plant;

- a part of corporate rights in the amount of 50.3% of the authorized capital of LLC Bilanivskyi ore mining and enrichment plant;

which are indirectly owned by Kostiantyn Zhevaho through FERREXPO AG.

In addition, the court prohibited other companies related to it from alienating the specified assets.

As Ukrainian News Agency earlier reported, on January 4, 2023, the DGF filed a lawsuit with the Economic Court of Kyiv against the owner of the bank, Kostiantyn Zhevaho, for compensation of losses of the bank and its creditors in the amount of almost UAH 46 billion.

These losses were caused to the bank by systematic lending to Zhevaho-related borrowers and transfers of funds to non-resident companies owned by him without proper security, which has signs of fictitiousness. On March 1, 2023, the fund submitted an application to secure the claim, which was granted by the court.

The next session of the Economic Court of Kyiv in this case will be held on March 13, 2023.