Policemen are outside the appeals court after billionaire Konstantin Zhevago arrives in Chambery, France, on January 5, 2023. He was not arrested in France.
In France, on January 5, 2023, a court decided to release Ukrainian billionaire Konstantin Zhevago on bail before a hearing on January 19 to decide if he should be extradited to Ukraine for embezzlement charges.
Zhevago, who controls the London-registered iron pellet producer Ferrexpo, was arrested in France at the request of Ukraine for embezzlement and has been in custody since then.
The State Bureau of Investigation of Ukraine has stated that the billionaire is wanted for embezzlement and money laundering involving $113 million from the now bankrupt Finance and Credit Bank.
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The businessman, one of the wealthiest individuals in Ukraine, insisted in court that he is innocent and should not be sent back to Ukraine.
“This is my first time in prison. I didn't do what I'm accused of, I don't deserve this,” he communicated through an interpreter.
“I request to be released from prison until the next hearing, and I will comply with any requirements,” he stated.
A court in Chambéry, France, has agreed to release him on bail of 1 million euros ($1.05 million), as confirmed by one of Zhevago's lawyers, François Zimer.
The court also stipulated that Zhevago must surrender his two passports, remain in France, report to the local police three times per week, and attend all court summons.
Originally, an extradition hearing was scheduled for Thursday, but Zhevago's lawyers and the prosecutor requested more time to prepare, and the judges agreed, setting a new date for January 19.
Ukraine issued an arrest warrant for Zhevago in 2019, and an international warrant in 2021.
Zhevago's arrest in France is part of Ukraine's larger effort to reform its economy, which has long been controlled by a small group of powerful individuals. President Volodymyr Zelensky has pledged to reduce the influence of these oligarchs.
Forbes Ukraine estimated Zhevago's fortune at $2.4 billion in 2021, but by the end of 2022, it had reportedly dropped to $1.4 billion.
One of Zhevago’s attorneys, Etienne Arnault, argued for his release, stating, “It's very difficult for him to continue managing his businesses while in prison.”
Juliet Jabhiro, Skelet.Info
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