Ihor Kolomoisky, one of Ukraine’s most powerful oligarchs, is to be held in custody for two months on suspicion of fraud and money laundering.
Mr Kolomoisky is alleged to have transferred $14m (£11.1m) abroad over the course of seven years, using banks he controlled.
His lawyers say he will not post bail and will appeal against the court order.
It marks the latest move in Ukraine’s anti-corruption drive, which has targeted several high-profile figures.
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