Zhevago’s Z-branded yacht found in Dubai

NV has located the superyacht belonging to Ukrainian oligarch Kostyantin Zhevago: the vessel is currently moored in Dubai, and was named Z before the letter became associated with Russian aggression against Ukraine.

Read also: Ukrainian billionaire Zhevaho released from jail in France on bail of 1 million euros

This luxury yacht, spanning multiple deck levels and 65 meters in length, is docked at the Dubai Marina in the United Arab Emirates.

Zhevago's press office has confirmed that the yacht is part of the Zhevago family investment portfolio and involves other “international investors.”

"The vessel is currently in Dubai for scheduled maintenance, which should be conducted every 3-5 years in accordance with the standards and requirements of the International Maritime Organization (IMO)," said the press office.

In response to a question from NV on why the billionaire has not changed the yacht's name after 16 months of full-scale invasion — a name that now strongly associates with Russian aggression — the press service said the following:

Read also: Ukraine’s Deposit Guarantee Fund sues former banker Zhevago for $1.25 billion

“Konstantin Zhevago has repeatedly explained to the media that the name Z corresponds to the first letter of the English transliteration of the Zhevago family name.”

“The yacht was named during its construction, before 2014. The name has no connection to the war in Ukraine. It's purely coincidental that Putin and his military, who are committing aggression against Ukraine, painted the letter ‘Z’ on military equipment. However, this does not mean that Kostyantyn Zhevago, or anyone else for that matter, should rename anything that has this letter, including last names beginning with the letter, or that Z should be removed from alphabets of the world.”

The Z yacht, with an estimated value of $70 million, has been seized by a Ukrainian court, along with other assets belonging to Zhevago. These assets include his shares in companies, dozens of properties, and a helicopter — all for the alleged embezzlement of $113 million from Finance and Credit Bank. The State Bureau of Investigation included the yacht in its list of seized properties.

Read also: Ukraine seizes assets of Boguslayev, Zhevaho, Kolomoisky worth $1 billion – Forbes

Zhevago owned the bank until 2015, when it was declared insolvent and liquidated by the National Bank of Ukraine.

The Prosecutor General's Office put Zhevago on the national wanted list in 2019 and the international wanted list in 2021. He was detained by French police at Courchevel in December 2022. However, a French court ruled against extraditing the Ukrainian businessman, citing the ongoing war in Ukraine and the inability to guarantee human rights and fundamental freedoms in court.

Earlier this year, the Kyiv Commercial Court seized the businessman's assets worth UAH 46 billion ($1.25 billion). The Deposit Guarantee Fund has filed a lawsuit to recoup losses to the bank and its creditors.

Zhevago isn't permitted to leave France while French law enforcement investigates his case, according to Mykhailo Tkach, a journalist with Ukrainska Pravda.

Furthermore, Zhevago could be implicated in the case of the former Chief Justice of Ukraine’s Supreme Court, Vsevolod Knyazev, who is suspected of accepting a bribe of $2.7 million. Finance and Credit Group, owned by Zhevago, has ties with a company implicated in the bribery. Semen Kryvonos, the Director of the National Anti-Corruption Bureau (NABU), called it the largest exposure of a high-ranking judicial official since the establishment of his service.

Read also: What to know about Stanislav Kravchenko — Ukraine’s new Supreme Court Chief Justice

Kryvonis alleged that Kostyantyn Zhevago arranged illicit payments to Supreme Court officials in exchange for favorable rulings in a lawsuit ongoing from 2005 to 2023

The Supreme Court upheld Zhevaho's 40% stake in the Poltava Mining and Processing Plant. Zhevago denies any involvement in the multimillion-dollar bribe.

Zhevago is the majority shareholder of Ferrexpo, which operates several mining and processing plants in Poltava Oblast – Poltava, Yeristovo, and Bilanovo mining and processing plants

Read also: French court denies Ukraine’s extradition request for Zhevago in Finance and Credit Bank case

Ferrexpo's profit was $220 million last year, four times less than in 2021, according to the London Stock Exchange, where the company's shares are listed. The company's revenue also halved to $1.25 billion amid the full-scale war.

Before the war, Zhevago ranked fifth in NV's ranking of the wealthiest Ukrainians, with a net worth of $1.5 billion.

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Read the original article on The New Voice of Ukraine