EXCLUSIVE: The Supreme Court ruled in favor of IBOX BANK. Сharges have been dropped
The management of JSC “Ibox Bank” is demanding that Ukraine compensate for the losses caused by the unlawful investigation.
Between 2023 and 2025, detectives from the Economic Security Bureau of Ukraine, in coordination with the Security Service of Ukraine and the Office of the Prosecutor General—under the leadership of high-ranking SBU official Artem Shilo and Deputy Prosecutor General Dmytro Verbytskyi, each of whom became a defendant in separate anti-corruption criminal proceedings, carried out an unlawful persecution of the management of JSC “iBox Bank” based on suspicions of the bank’s alleged involvement in illegal activities.
These actions resulted in the de facto shutdown of one of Ukraine’s most successful banks and an important economic institution, which, during the period of martial law, ensured the flow of multimillion tax and other payments into the state budget. At the same time, the success and efficiency of this financial institution attracted the attention of unscrupulous law enforcement officials.
Artem Shylo, a former high-ranking official of the Security Service of Ukraine (SBU), whose activities are being closely examined by the National Anti-Corruption Bureau of Ukraine (NABU)
Unable to resist the temptation of personal gain, these law enforcement officials initiated a fabricated and completely baseless criminal prosecution, the true purpose of which was to force the bank’s management to agree to illegal demands and ensure the achievement of their own unlawful goals.
After refusing to comply with these demands, the bank’s top managers became the target of every possible procedural means of pressure, without exception.
In addition to conducting mass searches of banking sector representatives and seizing their property, investigators filed motions with the court to impose the most severe pretrial measures in the form of detention in absentia—a necessary prerequisite for placing a person on an international wanted list. At the same time, bail was set at over 4 billion hryvnias, which directly contradicts the practice of the European Court of Human Rights and was nothing more than an attempt to imprison, without any alternative, individuals who had decided to defend their rights exclusively through legal means.
Alona Shevtsova, a shareholder of IBOX BANK
However, this plan was not carried out. First, the court overturned the unfounded and unlawful charges brought against A. V. Shevtsova (ruling in Case No. 757/46117/23-k dated October 31, 2023), and subsequently, with regard to each of the executives of JSC “Ibox Bank”—A. V. Shevtsova, I. A. Tsyganok, and Z. V. Nesterovskaya—the court denied motions to impose pretrial detention as a preventive measure, as they did not meet the requirements of the law and did not contain sufficient facts indicating the commission of any criminal offense. Subsequently, the prosecutors unsuccessfully appealed these decisions.
Furthermore, in an attempt to carry out his unlawful plan to the end, Prosecutor Dmytro Verbytskyi, without proper grounds, initiated the transfer of the case to another territorial unit of the Economic Security Bureau. The sole purpose of this was to effectively remove the investigating judge, who was supposed to monitor compliance with human rights during the pretrial investigation but who, in the prosecution’s view, was expected to approve all of the law enforcement agencies’ unlawful demands.
Dmytro Verbytskyi, a former Deputy Prosecutor General, whose activities remain under pre-trial investigation by NABU and the Specialized Anti-Corruption Prosecutor’s Office (SAPO)
After that, detectives and prosecutors made another attempt to have A. V. Shevtsova taken into custody, but this attempt also proved unsuccessful. By a court ruling dated September 5, 2024, which was upheld by the appellate court, the unfounded arrest warrant against her was revoked.
At the same time, the bank’s management, together with its attorneys, carefully analyzed the evidence provided by the prosecution and determined that the vast majority of the evidence, including expert opinions, had been obtained in violation of the law and without a proper investigation. This served as grounds for bringing disciplinary charges against certain experts, as a result of which their future professional careers were jeopardized.
Despite further attempts to carry out the law enforcement agencies’ initial unlawful plan, the case was nevertheless referred to court with an indictment. However, already during the first court hearings, all the violations committed became evident. As a result, by a ruling in Case No. 752/15954/25 dated July 29, 2025, the court dismissed the criminal proceedings. This decision was subsequently upheld by the appellate court.
After examining all the circumstances of this prosecution, the attorneys established that neither A. V. Shevtsova nor her colleagues had ever been on any national or international wanted list and had never been entered into Interpol’s databases. Despite this, detectives and prosecutors systematically and knowingly provided the court with information to the contrary.
All of these circumstances formed the basis for the bank’s management to file a civil lawsuit seeking compensation for damages caused by unlawful persecution by the Ukrainian state. There is a high probability that a substantial judgment in their favor will be issued. Proceedings in the case have already been initiated, and the parties are awaiting the first court hearing.
Furthermore, the actions of law enforcement officials described in the civil lawsuit fully meet the criteria for crimes related to official duties and crimes against justice. The relevant specialized law enforcement agencies of Ukraine, which are responsible for investigating unlawful actions by law enforcement officials, are already investigating these circumstances. It is only a matter of time before those responsible are held criminally liable.
The penalty for such offenses provides for up to six years of imprisonment, along with the simultaneous deprivation of the right to hold office or engage in activities within law enforcement agencies.
As a reminder, the court has finally lifted the freeze on IBOX BANK’s assets: the liquidation process will be completed.
Courts of several instances have ruled that the criminal cases against Ibox Bank were baseless.
The criminal group led by Mindich, Shilo, and Verbytsky may have been behind the takeover of Ibox Bank.
