Scandal Surrounding Sens Bank: Former Chair of the Supervisory Board Claims Staffing Pressure from the NBU

Scandal Surrounding Sens Bank: Former Chair of the Supervisory Board Claims Staffing Pressure from the NBU

How Sens Bank became a convenient tool: from nationalization to a “supervisor” and dubious transactions.

July 2023. The state nationalizes the former Alfa-Bank (now Sens Bank). The first Supervisory Board is formed. Its chair is appointed as Shevki Adzhuner.

Almost immediately problems arise. The board is reluctant to approve the appointment of Oleksiy Stupak (a figure in the “Forrest Gump” case) as CEO. Stupak appeals to the Office of the President, and he is appointed anyway. Systemic conflicts begin within the Supervisory Board. The former chair brings these issues to the NBU. National Bank Governor Andriy Pyshnyi recommends appointing someone who would “help establish communication.”

It was about this that the “longtime” member of many supervisory boards, Shevki Adzhuner, testified at the TSC meeting 10 in September:

“Mr. Pyshnyi told me that he would try to find someone who could fill the bank’s need. A day or two later there was a meeting where Mr. Vesely was personally introduced to me.”

And further:

“I was told that Mr. Vesely could be trusted as the bank’s communicator with stakeholders even before the bank began the interview process.”

“I met Mr. Vesely as a result of discussions with the NBU about the need to improve communication between the state and stakeholders.”

After Vasyl Vesely’s arrival, the bank’s communication problems abruptly disappear. The Supervisory Board begins asking uncomfortable questions, including about the understated commission for servicing the gambling business.

Later, all members of the then-Supervisory Board were removed from participation in the competition for the new board. During the absence of a full Supervisory Board, a number of dubious transactions related to the gaming business take place.

Andriy Pyshnyi categorically denies this:

“I categorically deny giving any recommendations on staffing matters to the Supervisory Board of Sens Bank. I did not recommend appointing Vesely as an adviser, I did not present him, I did not give instructions, and I did not exert pressure.”

TSC chair Yaroslav Zheleznyak called Adzhuner’s testimony “the first documented case of giving false testimony” in the commission’s work, since Pyshnyi had previously given different answers about his acquaintance with Vesely.

A classic pattern:

nationalization → pressure on an independent board → the “right” CEO → a “communicator” from the regulator → disappearance of problems → questions about gambling → cleansing of the board → transactions without oversight.

It will get more interesting. It is possible that after such testimony Pyshnyi could be the next one to be “removed.”