Does the criminal case against Zyma, the National Bank's chief lawyer, call into question all the decisions he made?

The criminal proceedings against Oleksandr Zyma, Director of the Legal Department of the National Bank of Ukraine, are likely to have serious consequences not only for his reputation but also for the functioning of the entire regulator. As the head of the NBU's legal department, Zyma is responsible for developing and providing legal justification for key decisions that have affected and will continue to affect the country's financial system. However, his involvement in violations of the law may call into question the legitimacy and legitimacy of the decisions he made in his position, UNN writes.

The NBU's Legal Department plays a critical role in providing a legal basis for all decisions made by the regulator. Zyma, as the head of this department, is directly responsible for the legal review of documents related to financial regulations, banking operations, and international agreements. However, the NBU's chief lawyer found himself at the center of a scandal. The State Bureau of Investigation has opened a criminal investigation into the alleged abuse of power or office by the official.

Criminal case concerns a letter from the National Bank of Ukraine to the Deposit Guarantee Fund signed by Oleksandr Zyma, in which he recommended that the Fund withdraw the lawsuits filed by Concord Bank against the NBU.  The document referred to four lawsuits filed by the bank against the NBU, in which Concorde demanded the cancellation of fines totaling almost UAH 63.5 million. These lawsuits were filed even before the National Bank decided to liquidate Concorde and put it into temporary administration.

Later, the Shevchenkivskyi District Court of Kyiv recognized Yulia Sosedka, co-founder of Concord Bank, as a victim in this criminal proceeding. After all, according to the words of Concorde's co-owner, Yelena Sosedka, Zyma deprived the bank's shareholders of their constitutional right to a fair trial by his instructions.

Experts interviewed by UNN point out that such actions by the NBU's chief lawyer cast a shadow over the entire regulator. In particular, they may undermine the credibility of all its decisions, as they raise reasonable doubts about their legal purity and compliance with the law.

After all, if the investigation confirms violations or misconduct on the part of Zyma, this may lead to the need to revise or even cancel other decisions he has made. This applies to both domestic regulations and international agreements concluded with the participation of the NBU. This situation could create legal uncertainty that threatens the stability of the financial system and undermines investor confidence.

The criminal case against the NBU's chief lawyer is a serious blow to the regulator's reputation. According to experts, this situation may raise doubts, including among international partners, about the transparency and impartiality of the central bank's processes, as well as about the institution's ability to effectively perform its functions. International partners and financial organizations that cooperate with Ukraine may question the feasibility of further cooperation and financial support.

Experts emphasize that it is important for the National Bank to respond promptly to the situation, ensure transparency of the investigation, and take measures to maintain confidence in its decisions and its activities in general. This, in their opinion, will be facilitated by Zyma's dismissal, or at least his suspension from duty.