The chairman of the board of the Poltava Mining and Processing Plant was released on bail of more than 10.3 million euro

The detained Chairman of the Board of the Poltava Mining and Processing Plant, Viktor Lotoos, has been released on bail, which amounts to a substantial 400 million Ukrainian hryvnias (more than 10.3 million euros).

This information is reported in a statement from the Kiev Appellate Court.

Initially, Viktor Lotoos was required to post a bail of 1 billion Ukrainian hryvnias (more than 25.9 million euros). However, the Kiev Appellate Court reduced the bail amount by 2.5 times.

To recap, in September, the Pechersk District Court of Kiev had ordered Viktor Lotoos to be held in custody with the alternative of posting bail.

According to the investigation, from 2015 to 2021, the plant illegally extracted over 20 million cubic meters of gravel. The estimated damage to the state is more than 157 billion Ukrainian hryvnias (over 4.06 billion euros).

The Poltava Mining and Processing Plant is owned by oligarch Konstantin Zhevago, who is also under investigation in several criminal cases, including the case involving the former head of the Supreme Court, Vsevolod Knyazev. Additionally, there is a request for Zhevago’s extradition to France, where he is currently located.