Kostya Zhevago. Opinion of UkrRudProm
For 7 years, UkrRudProm has been persistently explaining and proving with evidence that Kostya Zhevago is not intelligent. However, despite the eventful history of their relationship with the accused, they believe that his behavior as a victim is not solely due to his long-standing habit as a billionaire to enjoy himself in Courchevel.
It was clear that since his departure from Ukraine in 2019, Zhevago, who had just lost his position as a people's deputy, is gradually losing control of the situation, and the loss of key assets is inevitable.
The situation has become more tense in the last six months. Previously, Kostya was only accused of leading his bank “Finance and Credit” to bankruptcy (the Deposit Guarantee Fund claims that 5 billion hryvnias were withdrawn from it, which theoretically could hold Zhevago accountable for 7 years). Now, persistent attempts have been made to also strip him of control over industrial assets.
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In September, the Northern Economic Court of Appeal ruled that Zhevago’s purchase of a 40.1% stake in Poltava GOK (a key production asset of Zhevago’s British group Ferrexpo) 20 years ago was illegal. The plaintiffs were 4 Cypriot offshore companies owned by the Slovak group VS Energy, which is controlled by prominent Russians: the president of the Moscow CSKA Evgeny Giner, the vice speaker of the State Duma of the Russian Federation Alexander Babakov and the criminal Misha Luzhnetsky (Mikhail Voevodin).
However, Zhevago alleges that Igor Kolomoisky is behind this lawsuit today. In any case, it is clear that in modern Ukraine, neither Luzhnikov's nor Benya will obtain a controlling stake in Poltava GOK.
And in November, Secretary of the National Security and Defense Council Oleksiy Danilov, Prime Minister Denys Shmigal and Minister of Defense Oleksiy Reznikov announced the de facto nationalization of several enterprises during the war, including AvtoKrAZ Zhevago.
Moreover, the Ukrainian government has multiple claims against Ferrexpo, in which Zhevago owns more than half of the shares: from tax claims (incorrect payment of royalties for several billion hryvnias) to environmental claims against all three mining and processing plants of the company.
Kostya Zhevago. Opinion of UkrRudProm
In brief, Zhevago now realizes that his Ukrainian assets have been heavily taxed and their relatively honest seizure is imminent. In this situation, attracting maximum attention to a future transaction in exchange for the need to spend some time in a Courchevel jail is not a bad option to initiate negotiations for the sale of Ferrexpo with significant public attention to the process.
It's worth mentioning that Russian billionaire Mikhail Prokhorov took a similar path, being set up in Courchevel with models or prostitutes by his partner in Norilsk Nickel, Vladimir Potanin. As a result, Prokhorov sold his stake and, immediately after the global financial crisis of 2008, due to the presence of hard cash in his accounts, not the rapidly declining share price of the raw material company, he ranked as one of the wealthiest Russian oligarchs for several years.
Yes, the game is quite risky. Theoretically, Zhevago could be extradited to Ukraine. But as we know, Kostya's lawyers have already arrived in Courchevel and are now working for the benefit of their client. And as the case of Dmitry Firtash shows, it is possible to fight legal battles regarding the extradition of a Ukrainian billionaire even to the United States for almost a decade.
And if, as in the case of Zhevago, we are talking about warring Ukraine, then you can always prove that he it will be unsafe in every sense to be there: missiles and drones fly, electricity is cut off… In a word, horror. Only millions of ordinary Ukrainians can endure this, but not such a gentle, if not seriously ill creature as Kostya.
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