Key facts
- The National Bank of Ukraine has requested the dismissal of Sense Bank CEO Oleksiy Stupak.
- Stupak and a former bank chairman are charged with laundering Hr 150 million to post bail for a former minister.
- The High Anti-Corruption Court set bail for Stupak at Hr 15 million.
- The Finance Ministry intends to sell Sense Bank, formerly owned by Russian oligarch Mikhail Fridman.
- Alleged audio recordings suggest political influence on bank appointments and bail payments.
The National Bank of Ukraine has formally requested the Cabinet of Ministers to dismiss Oleksiy Stupak, the CEO of Sense Bank, amidst a significant corruption probe. The central bank's head, Andriy Pyshnyi, stated on September 2 that Stupak no longer meets the professional competence requirements for his position. This action follows charges against Stupak and former Sense Bank supervisory board chairman Mykola Hladyshchenko for allegedly laundering Hr 150 million to post bail for former Justice and Energy Minister Herman Halushchenko.
On the same day the dismissal request was made, the High Anti-Corruption Court set Hr 15 million bail for Stupak but denied a request to detain him. Hladyshchenko was charged separately in a case involving state-owned Energoatom, Ukraine's largest corruption investigation during President Volodymyr Zelensky's tenure, with which Sense Bank is also allegedly connected. Hladyshchenko was dismissed by the Cabinet of Ministers in August.
Stupak's lawyer, Olena Sidei, stated that her client had gone on vacation on August 20 and requested a suspension from his duties on September 1. The National Bank's assessment of Stupak's competence was made on September 1. Pyshnyi argued that while Sense Bank's supervisory board has the authority to dismiss Stupak, its inability to form a quorum grants the Cabinet of Ministers the power to act under martial law. However, Finance Minister Serhiy Marchenko contested this, asserting the Cabinet lacks such authority.
The Finance Ministry also announced on August 20 that it had been instructed to sell Sense Bank, which was nationalized in 2023 from Russian oligarch Mikhail Fridman. Reports suggest that after nationalization, the bank came under the influence of Zelensky's then Chief of Staff Andriy Yermak and associate Timur Mindich. Alleged audio transcripts published in April and May mention discussions involving Yermak and board appointments at Sense Bank. Mudra, a former deputy to Yermak and now a suspect in the Energoatom case, led the committee selecting independent board members.
Mindich, who fled to Israel before being charged in the Energoatom case and sanctioned by Zelensky, allegedly maintained influence over Sense Bank. NABU-recorded tapes reportedly suggest Mindich communicated with Zelensky's current Chief of Staff Kyrylo Budanov regarding Sense Bank. A prosecutor stated in court that Mindich allegedly transferred cash to Mudra for Halushchenko's bail. Budanov, when questioned about references to him in the tapes, commented that the court would sort it out. Investigators have also linked several Sense Bank officials to potentially circumventing financial monitoring requirements for Halushchenko's bail. Stupak's defense has denied the accusations, asserting he is a victim of political maneuvering.