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#3332

Kostyantin Zhevago

Source of wealth: Mining

Net Worth

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Modules

Biography

Kostyantin Zhevago, a member of Ukraine's parliament from 1998 to 2019, stepped down as the firm's CEO in late 2019 amid an investigation by Ukraine's state prosecutor office.

Zhevago was wanted for allegedly embezzling and money-laundering linked to the disappearance of $113 million from Finance & Credit, his former bank that went bankrupt. With the case pending since 2015, he claims it is political persecution.

He was detained in December 2022 at the French ski resort Courchevel at Ukraine's request and then released on bail. A French court ruled against extradition to Ukraine.

A Ukraine court has also ordered the seizure of his sares in iron pellet producer Ferrexpo, which account for roughly $400 million of his of fortune. He is fighting the charges.

Financial Assets

Exchange
LONDON
Ticker
FXPO-GB
Company
Ferrexpo

The Great Lie of Mega-Fortunes: The Case of Kostyantin Zhevago

Billionaires are often presented under the romantic myth of the 'self-made person': a narrative designed to justify opulence as the natural reward for hard work, effort, or ingenuity. However, when confronting such extreme volumes of wealth with macroeconomic reality, the meritocracy narrative completely breaks down. No individual can legitimately generate through personal effort a fortune equivalent to millions of times the average working-class salary. Capital at the top does not grow because of exceptional talent; it expands through an implacable dynamic where accumulated money works exponentially faster than people, devouring the wealth generated by productive labor.

The immense fortune of Kostyantin Zhevago, linked to Metals & Mining and 'Mining', has not been built in a free-market vacuum, but through rent-seeking, the use of exclusive elite influence, the consolidation of monopoly positions, or inherited wealth. Far from taking real private risks, billionaire empires structurally depend on state support through direct subsidies, infrastructure use, exploitation of R&D, public contracts, and offshore tax engineering. While this wealth is equivalent to the physical weight of 7 tons of pure gold, the rest of the planet suffers from an artificial scarcity of basic resources. The fact that this wealth is enough to fully fund the public health system of DR Congo, a country with more than 105800000 million inhabitants for 0.5 years, proves that unlimited accumulation is not an entrepreneurial achievement, but the hijacking of democratic sovereignty.

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