The High Court of England and Wales has issued an order to freeze the assets of Konstantin Zhevago, the former owner of Finance and Credit Bank, which began being liquidated in 2015, the National Bank of Ukraine said on Friday.
“At a hearing of the Supreme Court of Justice held without notice on 11 July 2025, the National Bank’s application to freeze certain assets of Kostiantyn Zhevago was granted until a final decision is made by the English court on the NBU’s claim to recognise and enforce in England the decision of the Shevchenkivskyi District Court of Kyiv dated 1 October 2019, issued against Kostiantyn Zhevago,” the National Bank emphasized.
The National Bank recalled that the Shevchenkivskyi Court ordered Zhevago to pay a debt of UAH 1.539 billion to the NBU, since in 2015 the former owner of the Finance and Credit bank signed a guarantee agreement for the return of the bank’s refinancing loans under several loan agreements, taking on personal obligations to repay the financial institution’s debt to the National Bank.
It is noted that the trial in England was a continuation of the NBU’s long-term work to collect this debt, which began in December 2015 with the filing of a lawsuit in a court in Ukraine.
In December 2019, the decision came into force, and the National Bank applied to the State Enforcement Service with a request for the enforcement of the court decision on debt collection. However, Zhevago evaded its full execution, which is why it has not yet been possible to fully implement the court decision in Ukraine, the NBU explained.
The interests of the NBU in foreign jurisdictions are represented by an adviser – the leading global law firm Hogan Lovells International LLP, which helped the nationalized PrivatBank win a lawsuit in London against its former owners.
As reported, on September 17, 2015, the NBU made a decision to declare Finance and Credit Bank insolvent. At the time of the decision, the bank’s majority shareholder was Zhevago, who indirectly owned 97.67% of the shares.
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