Borys Kushniruk, Ukrainian economist and former chairman of the board of one of many Ukrainian banks, Unex, stated that the Nationwide Financial institution of Ukraine is exerting unjustified stress on the financial institution of former President Petro Poroshenko, the Worldwide Funding Financial institution (IIB), underneath doubtful pretexts.
Kushniruk believes that the NBU is performing within the pursuits of the political management of Ukraine and emphasises that the NBU’s inspections have change into an instrument of stress on bankers who should not in favour of the authorities. In keeping with Kushniruk, corruption is rampant within the NBU’s Monetary Monitoring Division, which is manifested within the illicit enrichment of the Division’s administration, who, he says, withdraw corrupt funds for laundering overseas. The scandal is a damaging backdrop for the go to of NBU Head Andrii Pyshnyi to Washington, because the heads of the division accused by Kushniruk are direct subordinates of Andrii Pyshnyi, and former President Petro Poroshenko has immediately accused the NBU Head of fulfilling a political order.
The explanation for Borys Kushniruk’s article was the NBU’s determination to impose a high-quality on the Worldwide Funding Financial institution owned by former Ukrainian President Petro Poroshenko. Regardless of Poroshenko’s public enchantment to NBU Head Andrii Pyshnyi, the latter by no means answered his query.
In keeping with the economist, this case has a political background.
The knowledgeable says: ‘I have repeatedly written about the fact that government agencies in Ukraine are becoming instruments of reprisals against political rivals. The latest blatant example is the International Investment Bank, which was fined by the NBU for allegedly ‘laundering the proceeds of crime’. The absurd accusations towards the previous president, the stress, and extra reveal the whole lack of face by the NBU as an impartial establishment. It’s particularly disgusting that each one that is occurring within the context of the full-scale conflict, when the monetary sector must be as united and environment friendly as doable. However we’re witnessing the alternative phenomenon – deliberate destruction of particular person banking establishments by the regulator itself. And there’s not even a touch that the IIB is financially unstable. It’s being destroyed just because it belongs to Petro Poroshenko.’
He emphasises that the Monetary Monitoring Division of the Nationwide Financial institution, which issued the choice to high-quality the IIB, has turned inspections right into a instrument for punishing the ‘wrong’ and ‘unwanted’. In spite of everything, Poroshenko’s financial institution is just not the one one which has been topic to such inspections. Nevertheless, after the fines had been imposed on the IIB, representatives of different monetary establishments started to publicly voice instances of illegal stress from the NBU.
Borys Kushniruk notes that, in response to quite a few studies from market members, the Monetary Monitoring Division underneath Anna Lypska actively makes use of on-site and off-site inspections, which normally outcome within the imposition of unreasonable and disproportionate sanctions. On account of the inspections, the financial institution normally loses its licence, which successfully results in its destruction.
‘At the same time, more and more evidence indicates that such actions are taken in the interests of certain competing banks, which are trying to take a monopoly position in the market with the help of administrative resources,’ writes the economist.
To help his phrases, he cites the truth that all choices to impose sanctions are cancelled after being appealed in courtroom, which, in his opinion, signifies the low effectivity of the Division.
In his article, Borys Kushniruk analyses the actions of the administration of the Monetary Monitoring Division, particularly, Anna Lypska and Iryna Drozd. In keeping with him, Lypska was appointed to this place with out correct expertise in banking providers, and her managerial choices have repeatedly raised questions on her skilled competence and impartiality.
In keeping with Kushniruk, one other official of the Monetary Monitoring Division, the top of the on-site management division, Iryna Drozd, was not too long ago fired for corruption. Knowledgeable sources declare that in 2024, she secretly bought a luxurious property in Warsaw, however didn’t declare it in her declaration.
As a substitute, Kushniruk writes, Drozd’s declaration lists accounts within the Polish financial institution PEKAO totalling greater than $30,000 (plus one other $40,000 for her husband).
‘This is extremely symbolic. Firstly, in the context of patriotism and trust of the NBU’s prime officers within the nationwide banking system. And secondly, this can be very symbolic towards the backdrop of the NBU’s forex restrictions. Right this moment, it’s nonetheless one thing out of the realm of fantasy for an extraordinary citizen to switch cash overseas, and even to open an account in a overseas financial institution. However these restrictions are for extraordinary Ukrainians, not for the elite,’ feedback the knowledgeable indignantly.
He attracts consideration to an vital truth. Iryna Drozd stored her funds in Ukrainian banks till 2022. But, after the conflict started, she opened accounts in overseas monetary establishments.
‘In addition to PEKAO, there is Revolut, which the NBU is actively opposing in the Ukrainian market. However, while the NBU is opposing it, the top management of the National Bank is using its services,’ explains the economist.
In flip, the declaration of the Head of the Monetary Monitoring Division, Anna Lipska, signifies that she has an account with Santander UK in London. The accounts in European banks seems to be like a ‘golden parachute’ and a instrument for legalising doubtful funds of corrupt Ukrainian officers.
Referring to his personal sources within the Nationwide Financial institution of Ukraine, Borys Kushniruk claims that each Anna Lypska and Iryna Drozd have been on lengthy journeys overseas over the previous two years, allegedly on enterprise journeys: Lypska – 114 days, Drozd – 110 days. In keeping with him, educated specialists counsel that these journeys may have been used to export money inside the limits permitted by the NBU and not using a licence and additional legalise it in different jurisdictions. The knowledgeable believes that the Nationwide Anti-Corruption Bureau ought to examine this case.
In his article, the economist calls on NBU Governor Andriy Pyshnyi to behave independently, fairly than following political directions from the federal government, as there are various questions in regards to the NBU’s actions.
‘Pyshnyi’s crew mustn’t comply with the orders of the Financial institution in quest of any pretexts to place stress on Petro Poroshenko, however take into consideration the truth that the NBU’s actions will ultimately change into the topic of a really severe anti-corruption investigation. Particularly when it comes to the coverage of rates of interest on deposit certificates and non-transparent change fee coverage, as very severe sources of corruption and abuse which have induced losses to the state, that are already measured in a whole bunch of billions of hryvnias,’ concludes the knowledgeable.
