Expert: There is hope that the case of possible manual control at the NBU will be investigated effectively, as the West demands from Ukraine

Western partners, who are currently the main source of funding in a difficult time for Ukraine, are demanding that the Ukrainian authorities take action to fight corruption, manual control of state bodies, and make them more transparent. Therefore, we are optimistic that the case of possible abuse of power by Oleksandr Zyma, Director of the Legal Department of the National Bank of Ukraine, will be investigated effectively and that all those involved in the crime will be suspected. This opinion was expressed in an exclusive commentary to UNN by Vasyl Shakun, Doctor of Law, member of the National Academy of Legal Sciences of Ukraine, Professor of the Department of Criminal Law of the National Academy of Internal Affairs.

Earlier, UNN learned from its own sources that the SBI opened a criminal proceeding on the fact of possible abuse of power or office, which led to serious consequences, by the director of the legal department of the National Bank Oleksandr Zyma. The criminal case concerns a letter from the NBU to the DGF signed by Zyma, who is also the chairman of the administrative board of the Deposit Guarantee Fund. In the letter, he recommended that the DGF drop four lawsuits that Concorde Bank had filed against the NBU before the decision to liquidate the bank and introduce a temporary administration was made. The DGF implemented Zyma's recommendation.

"I am somewhat optimistic about the investigation of this case. After all, our Western partners demand real action from us, and on the other hand, society is also not satisfied and demands action. Reforms and so on. And here you have it - the NBU has chosen a kind of minor person - this director of the department. We understand that he is not the key person. Therefore, we are waiting for the delivery of suspicions and the announcement of the names of all those involved," Shakun said.

At the same time, he believes that Zyma's actions are not just manual management of the Deposit Guarantee Fund, but pure corruption. Shakun also added that Zyma's job description does not include issuing instructions to the DGF, which means he broke the law and must be held accountable.

According to Shakun, it is extremely important for the State Bureau of Investigation to conduct an effective investigation into Zyma's case.

"This is a key moment for the SBI, I hope they will conduct this investigation promptly and impartially," Shakun said.

Recall

Despite the war in Ukraine, the process of removing banks from the market has not stopped. Thus, as of February 24, 2022, the liquidation process was initiated against 8 banks. This year, for the first time in Ukraine, not only bankrupt banks but also profitable institutions were subject to liquidation and license revocation, including Concord Bank. The process of depriving a banking institution of its license takes place without a court. Of course, the owners and shareholders of banks may appeal the decision of the regulator, the NBU, after it has made a decision to liquidate the bank, but in general, the process of withdrawing a banking institution from the market, once it has been launched, is irreversible. 

In addition, the issue of liquidation of a profitable bank has not been regulated in Ukraine. According to Olena Sosedka, co-owner of Concord Bank, at the time the regulator announced the decision to liquidate the bank, the financial institution had enough highly liquid assets to make all the necessary payments in 2-3 weeks. But the process of bank liquidation is strictly regulated by law and can generally take up to three years.