Creditors of Konstantin Zhevhago's assets demand billions and initiate bankruptcies

Court proceedings and financial losses

While Konstantin Zhevhago is in France, active legal disputes continue around his business assets. Creditors, including Leonid Kryuchkov, Vasyl Kotynkevych, and Inna Prylepko, are buying up debts of his former bank "Finance and Credit" and attempting to gain control over key enterprises, specifically Poltava GZK and the "Arterium" pharmaceutical group.

Zhevhago owned 97.66% of the "Finance and Credit" bank, which went bankrupt in 2015. According to the SBI, the financial institution guaranteed loans for controlled offshore companies, as a result of which foreign creditors wrote off $113 million. Funds were also withdrawn through related companies and fictitious contracts. In case No. 62024000000000394, losses amounting to 519.2 million UAH are being investigated, including operations for €17 million. In March 2026, Zhevhago was served with an indictment in France, and in April, an investigation in absentia was authorised.

Scandal over GZK shares and the Supreme Court

Regarding the decision on Poltava GZK shares, according to the NABU, Zhevhago offered $2.7 million to the head of the Supreme Court, Vsevolod Knyazev, through Oleg Horetskyi and Anatoliy Rekun. On 19 April 2023, the court supported Ferrexpo, and on 15 May, Knyazev was detained with a tranche of $450,000. In June 2026, he received a five-year prison sentence with confiscation of property. Zhevhago's case is being heard by the VAKS — case No. 52023000000000460, case No. 991/8191/26.

The Deposit Guarantee Fund is demanding 46 billion UAH in case No. 910/268/23. 50.3% of the corporate rights of Poltava GZK (EDRPOU 00191282), Yerystivske and Bilanivske GZK (36601298) have been seized. The state separately demands 157 billion UAH for probable illegal mining. Poltava GZK's revenue for 2021–2025 fell from 44.2 billion to 20.8 billion UAH.

Bankruptcy of Poltava GZK and the role of "Maxi Capital Group"

On 24 February 2026, the bankruptcy of Poltava GZK began, case No. 917/101/24. "Maxi Capital Group" (39319365) is demanding 4.7 billion UAH for bank guarantees. Dmytro Kucheryavyi was appointed as the administrator. The co-owners of the creditor are Leonid Kryuchkov (25%), Vasyl Kotynkevych, Serhiy Hrachov, and Serhiy Hlukhennyi. Leonid's brother, Dmytro Kryuchkov, is involved in the "Zaporizhzhiaoblenenergo" case. GZK is challenging the bankruptcy.

Struggle for control over "Arterium"

The same Kryuchkov is linked to the struggle over "Arterium" (33406813). "Sky-Development" (43715128) with a charter capital of 1,000 UAH bought bank claims with a nominal value of 2.436 billion UAH for 243.67 million UAH, which is only 10% of the starting price — auction GL18N027381. Financing was provided by Cypriot ORUM (CYPRUS) LIMITED: $3.5 million, €990,000, and 67.87 million UAH in repayable assistance.

After this, "Sky" initiated the bankruptcy of "Kyivmedpreparat" (00480862) with claims of 110.11 million UAH — case No. 910/5245/25. In case No. 914/1317/25, the court approved the rehabilitation of "Halychfarm" (05800293): 1.39 billion UAH of debt is being converted into 154.44 million shares — 91.25% of the plant. "Arterium LTD" and "Farmmed" are participating in the disputes, with 338.56 million UAH in claims filed separately.

New lawsuits and real estate

Now "Sky" itself is going bankrupt. Its participants are ORUM (33.4%), Kotynkevych (33.3%), "STAR" (44206100) (16.7%), and "Zavod-Invest" (43865715) (16.6%), with beneficiaries Kryuchkov and Kotynkevych. In case No. 12026000000001226, probable seizure of corporate control is being investigated. On 26 August, ORUM demanded 220.67 million UAH and launched bankruptcy No. 910/9675/26, with Oleksandr Demchan as the administrator.

The real estate of "Kyivmedpreparat" attracted the interest of Inna Prylepko's companies — "Suchasna Metallurgichna" (44029689) and "Perform Standard" (43493174). The first offered 280.114 million UAH for the object at 139 Saksahanskoho Street, while the second participated in the auction. In case No. 910/5245/25 (910/6708/26), the first-instance court recovered 311.94 million UAH from Slovenian Marifarm, cancelling the licence agreement for the drug "Gabana".

State control and sanctions

ARMA transferred Zhevhago's seized real estate to "Optima Resource" with 81% of the profit being remitted to the state. "AvtoKRAZ" came under state control, and a conflict continues around "Vorskla" over "Neominerals". NSDC sanctions No. 81/2025 are in effect. Ferrexpo approved a capital increase of $100 million: $50 million is being invested by Andriy Verevskyi, and approximately $40 million by Zhevhago's structure Fevamotinico, which previously owned 49.27%. Verevskyi expects to receive 21.4% of the shares.

France refused Ukraine's extradition request for Zhevhago.