France arrests Ukrainian businessman over alleged embezzlement

France arrested a Ukrainian tycoon and former lawmaker wanted by Ukraine for allegedly embezzling $113 million from his bank at an Alpine ski resort, officials said on Wednesday.

French police took Kostiantyn Zhevago into custody on Tuesday evening in Courchevel, southern France.

Kyiv put Zhevago, 48, on a list of wanted people in 2021.

His arrest came after a request from Ukraine and the country's prosecutor general's office said it was seeking Zhevago's extradition.

"The businessman is suspected of organising the appropriation of the property of a commercial bank and the subsequent legalisation of illegally obtained funds in particularly large amounts," it said in a statement.

He is accused of embezzling the millions from his Finance and Credit Bank, which went bankrupt in 2015.

The prosecutor general for the French region of Chambery said he had been placed in pre-extradition custody and the court has ten days to respond to Ukraine's extradition request.

Ukraine's prosecutor general Andriy Kostin welcomed the arrest.

"This case is a clear indication that the Prosecutor's General office maintains constant ties with foreign colleagues and regularly cooperates with them," he said in a statement.

According to Forbes, the businessman is today worth $1.3 billion, down from $2.3 billion last year.

Zhevago is the majority shareholder in the mining company Ferrexpo -- listed in London -- which produces iron ore pellets and has faced difficulties during the war in Ukraine.

He was a member of the Ukrainian parliament between 1998 and 2019, at times as an independent, sometimes as part of former prime minister Yulia Tymoshenko group.

He was beaten by a candidate from the party of Volodymyr Zelensky, who had just been elected president promising to battle against the collusion between politicians and rich businessmen.