MP: An objective investigation into abuses at the National Bank will demonstrate the rule of law in Ukraine

By effectively investigating possible abuses by Oleksandr Zyma, director of the National Bank's legal department, the State Bureau of Investigation will demonstrate that manual control is unacceptable in the country even during martial law. This opinion was expressed in an exclusive commentary to UNN by Ukrainian MP Mykhailo Tsymbalyuk.

Earlier, UNN learned from its own sources that the State Bureau of Investigation opened a criminal proceeding on the fact of possible abuse of power or official position, which led to serious consequences, by the director of the legal department, Oleksandr Zyma. The criminal case concerns a letter from the National Bank 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 Fund drop four lawsuits that Concord 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.

This is not a simple matter. On the one hand, it is very important that the SBI receives all the necessary materials on the objectivity of the investigation, because the DGF is an independent body, although it cooperates with the NBU. The SBI has the opportunity to demonstrate that even during the special martial law regime, all state bodies must operate within the framework of the current legislation and that manual control can be regarded as interference in the activities of the body or a corruption component - that it happened for a reason

In his opinion, the SBI has recently demonstrated efficiency and effectiveness in its work. However, Tsymbaliuk emphasized that in addition to the investigation, it is also important to bring the case to the end in court and obtain verdicts. The MP reminded that currently the trust in the judiciary is not very strong.

Here, I believe that the state is under the watchful eye of our international partners, and the SBI has an opportunity to demonstrate objectivity and that the rule of law, which is one of the requirements of our European partners, is a priority in the work of law enforcement agencies today

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. Last 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, owners and shareholders of banks may appeal against 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.