The Supreme Court confirmed the right of the National Bank of Ukraine to sell the business center "Osnova" in central Kyiv — a property belonging to LLC "Construction Company Osnova," linked to Kostiantyn Zhevago. The decision closes a legal dispute over assets intended to cover the debts of the bankrupt bank "Finance and Credit."
What happened
The bank "Finance and Credit," which belonged to businessman Kostiantyn Zhevago, was declared insolvent in 2015. The NBU, as a liquidator, has since attempted to recover depositors' and creditors' funds through the sale of pledged assets. The "Osnova" property complex is one of the key assets on this list.
The company's lawyers consistently challenged the regulator's right to sell the property, going through all court instances. The Supreme Court rejected the final cassation appeal, confirming that the NBU is acting within the law and the debtor's objections do not stop the collection procedure.
Why this matters beyond one asset
"Finance and Credit" case is one of the largest unresolved cases from the banking crisis of 2014–2016, when over a hundred institutions left the market. According to the Deposit Guarantee Fund, total losses from that wave of bankruptcies exceeded 500 billion hryvnias.
Zhevago is under investigation in absentia in Ukraine in a case concerning the withdrawal of funds from the bank — the suspicion involves embezzlement of over 2.5 billion hryvnias. The businessman himself denies guilt and lives abroad. The sale of the "Osnova" business center is not just about a specific building, but about whether the state can actually recover assets nine years after the collapse, rather than merely recording debts on paper.
A mechanism without guaranteed results
The court's decision removes the legal obstacle, but does not resolve the issue of the sale price. Auctions for similar assets in Ukraine often take place with minimal competition or are canceled altogether due to the lack of buyers willing to pay market value. How much can actually be raised from the sale of the complex and what portion this will cover of the total debt remains unknown.
An open question remains specific: if the auction proceeds at a price significantly below market value, will the NBU consider the procedure successful — or will it return to court for permission for a re-sale?
