1.75 Billion Lawsuit Against “SENS Bank”: What Is Known About the Bank from the “Mindichgate” Documents
The Kyiv Commercial Court is hearing Case No. 910/4298/26 based on a lawsuit filed by the Cypriot company Etrecom Investments Limited, which is part of the Kernel agricultural group. The defendants in the case are Greatford Limited and the state-owned joint-stock company “SENS BANK.” The Ministry of Finance of Ukraine has been joined as a third party. The subject of the dispute is the recovery of $38.8 million (approximately 1.75 billion hryvnias).
Circumstances of the Legal Proceedings
The claims are based on Loan Participation Notes (LPNs) issued by E.M.I.S. Finance B.V. Etrecom acquired these securities on the secondary market and transferred them to Greatford Limited—a company affiliated with the former owners of “SENS BANK.” The plaintiff asserts that these documents confirm the bank’s obligations that arose prior to its nationalization.
After the institution was transferred to state ownership in 2023, the maturity dates for these obligations were extended to 2029–2032. However, Etrecom filed a lawsuit in a Ukrainian court before these deadlines expired, naming JSC “SENS BANK” as a co-defendant.
Serhiy Lyamets, former editor of “Ekonomichna Pravda,” publicly appealed to the High Council of Justice (HCJ) to review the progress of the case. He pointed to several factors:
- Procedural risks: Since Greatford Limited has no assets, if the claim is granted, enforcement will be directed directly at the state-owned bank, which will impact the state budget.
- Risk of double recovery: There is a possibility that funds could be recovered pursuant to the court’s decision now, followed by demands for LPN payments within the established timeframes (2029–2032).
- Doubts Regarding Impartiality: The journalist notes the need to verify the randomness of the judge’s assignment and the actions of the state-owned bank’s top management regarding the protection of the institution’s assets.
Why the case may go beyond a typical commercial dispute
Certain circumstances of the court proceedings, according to Serhiy Lyamets, former editor of “Ekonomichna Pravda,” warrant additional attention. This concerns not only the amount of the claim—nearly 1.75 billion hryvnias—but also the state-owned bank’s conduct during the proceedings.
Lyamets noted that “SENS BANK,” which is a co-defendant in the case, did not file any motions to recuse the judge, did not challenge the composition of the panel, and generally maintains a rather passive procedural stance. The journalist himself emphasizes that these are merely his evaluative judgments and not allegations of any violations of the law.
At the same time, questions regarding the independence of the state-owned bank’s management have already arisen in another high-profile investigation—the so-called “Mindichgate.”
What Is Known About “SENS BANK” in the “Mindichgate” Reports
As a reminder, the possible bias of the leadership of state-owned companies and financial institutions is the subject of an investigation known as “Mindichgate.” The case concerns the behind-the-scenes influence of businessman Timur Mindich on personnel appointments in the public sector.
People’s Deputy Yaroslav Zheleznyak previously released an audio recording dated February 18, 2025, which appears in the investigation materials. The recording captures a conversation between Oleksandr Zuckerman (legal status: co-organizer of Mindich’s schemes and head of the “back office” for money laundering) and Oleksandr Muzhel (former member of the supervisory board of “Centrenergo”).
The interlocutors discussed the appointment of a loyal individual (presumably Vitaliy Hrinchenko) to the “Energoatom-Trading” structure. According to the recording, the key requirement for the candidate set by the supervisors was his complete subservience (“he’ll be as obedient as a dog”). Although this particular appointment did not take place, the materials of the criminal proceedings confirm systematic attempts to integrate loyal personnel into the management of state-owned entities.
In the context of Kernel’s lawsuit against “SENS Bank,” these facts underscore the risk that the state bank’s vulnerability in court may be the result of personnel influence and the actions of individuals implicated in the “Mindichgate” investigation.
Expansion of the Investigation Materials: Management of Seized Assets
According to published materials from the criminal proceedings, following the start of the full-scale invasion, assets linked to Russian capital were seized or transferred to state management through ARMA mechanisms. However, transcripts of recordings indicate possible informal discussions regarding further control over these entities, which include the state-owned “Sens Bank” and the industrial enterprise “Karpatnaftohim.”
Investigative materials and journalistic investigations (in particular, by “Ukrainska Pravda”) mention the following facts and connections: contacts between Oleksandr Zuckerman, a figure in the “Energoatom” case, and businessman Vasyl Veselyi. According to investigators, Vesely may have gained control of “SENS Bank” within a short period of time after the start of the full-scale invasion, citing a person with the codename “Surgeon” (whom Sabakumov, the head of Operation “Mindas,” identifies as Andriy Yermak, the head of the Office of the President).
Circumstances surrounding the appointment of the bank’s supervisory board
Vasyl Veselyi, who had no prior experience in the banking sector, became an advisor to the chairman of “Sense Bank” after its nationalization in 2023. The composition of the supervisory board, appointed in June 2025, had previously been discussed by the individuals involved in the “Midas” case.
According to a phone conversation on May 9, 2025, Veselyi provided Zuckerman with a list of preferred candidates for the financial institution’s supervisory board: Piotr Novak, Jerzy Shugaev, Eva de Falk, Oleksandr Shchur, Mykola Hladyshenko, and Oleg Mistyuk. During the conversation, Veselyi noted: “There should be 5 or 6 of our members out of all nine on this board. And according to our quota… Two—that is, the next three—are ours.”
Ukrainian law stipulates that the supervisory board of a state-owned bank must be appointed by the Cabinet of Ministers solely based on the results of an independent competition. However, on May 18, the Cabinet of Ministers appointed precisely those individuals who appeared on Veselyi’s list. According to the publication “Ekonomichna Pravda,” the board’s composition was later updated:
- Mykola Hladyshenko currently remains the board’s chairman;
- Oleg Mistyuk, Oleksandr Shchur, and Piotr Novak continue to serve on the board;
- Eva de Falk was removed by the Cabinet of Ministers on October 3, 2025;
- Jerzy Shugaev stepped down on January 27, 2026, due to his move to a Polish banking institution.
In business circles, Vesely was referred to as an informal “observer” of the bank on behalf of the Office of the President, without whom key decisions were not made. During supervisory board discussions, those involved mentioned individuals with the pseudonyms “Carlson” (Timur Mindich), “Surgeon” (Andriy Yermak), and “Sigismund” (German Galushchenko).
Control over the “Karpatnaftohim” enterprise
The investigation also alleges that brothers Andriy and Vasyl Veseli, acting in the interests of Andriy Yermak, became owners and shareholders of the “Karpatnaftohim” enterprise. This industrial facility was seized due to ties to Russian entities, after which it was planned to be transferred to ARMA for subsequent nationalization or sale.
No administrator could be found for the company, and in 2023, a court lifted the seizure of the asset. According to an investigation from December 2024, in the summer of that same year, Andriy Veselyi became the owner of 33% of Karpatnaftohim’s shares, despite lacking the official funds for such a purchase. His brother (a sole proprietor from Drohobych whose main business is the production of paving slabs) became a co-owner of the company. Journalists speculate that Vasyl Veselyi may have acted as a front man.
Discussions on Defense Contracts and Fire Point
The released materials also contain transcripts of conversations regarding logistical support for the Defense Forces and government contracts. The recordings document Veselyi complaining to Zuckerman about the Ministry of Defense’s refusal to accept a shipment of body armor and reporting that he had spoken with “The Surgeon.” Earlier, in November 2025, Tetyana Nikolaienko, deputy chair of the Public Anti-Corruption Council under the Ministry of Defense, noted that Timur Mindich may be linked to contracts for the procurement of substandard body armor.
In late April, recordings of Mindich’s conversations with former presidential aide Serhiy Shefir and National Security and Defense Council Secretary Rustem Umerov (who was Minister of Defense at the time of the conversations) were made public. Umerov discussed with Mindich state defense contracts, funding, personnel changes, as well as the distribution of revenues and the activities of the company Fire Point, which the media identify Mindich as the beneficiary of.
The “Midas” (“Mindichgate”) Case: How It All Began
Last November, the National Anti-Corruption Bureau (NABU) and the Specialized Anti-Corruption Prosecutor’s Office (SAP) announced the exposure of large-scale embezzlement in the energy sector through NAEK “Energoatom,” with potential illicit gains totaling up to $100 million, following the results of Operation “Midas.”
Currently, more than 10 suspects are involved in the case, including officials from “Energoatom,” representatives of the financial “back office,” as well as former Energy Minister Herman Galushchenko and former Deputy Prime Minister Oleksiy Chernyshov. The scheme’s organizer, businessman Timur Mindich, and financier Oleksandr Zuckerman have been arrested in absentia and placed on the wanted list because they are in Israel; the Office of the Prosecutor General has submitted a request for their extradition.
Subsequently, investigators published transcripts of a new series of audio recordings, recorded in Mindich’s apartment in the summer of 2025, which point to a potential expansion of the circle of suspects and the scope of the investigation.
Alexei Chernyshov’s Bail and the “Dynasty” Cooperative
According to the published transcript of a conversation between Timur Mindich and former First Assistant to the President Serhiy Shefir, they discussed issues related to posting bail for Oleksiy Chernyshov in the amount of 120 million hryvnias. According to investigators, the largest portion of the funds (66 million hryvnias) was transferred through a company engaged in the wholesale trade of auto parts.
The recordings also document discussions regarding cost estimates and the progress of construction on private estates in the “Dynasty” cooperative, which took place between 2022 and 2025. According to the investigation, Chernyshov continued to be involved in this project after receiving the first notice of suspicion from NABU and the SAPO in June 2025. The construction documents mention the names “Andriy” and “Vova,” which, according to journalists’ assumptions, may refer to the head of the Office of the President, Andriy Yermak, and President Volodymyr Zelenskyy; however, there is no official confirmation of this information.
Interaction with Rustem Umerov and “Fire Point” Contracts
The released materials contain a transcript of a conversation between Mindich and Rustem Umerov (who was head of the Ministry of Defense at the time of the conversation). The parties discussed personnel changes, specifically the possible appointment of Umerov as ambassador to the U.S. and Denis Shmyhal as Minister of Defense.
They also discussed the operations of the arms manufacturer “Fire Point,” which journalists claim is controlled by Mindich:
- Mindich expressed dissatisfaction with the level of state funding for the development of the long-range FP-1, FP-5, and FP-7 weapon systems.
- The terms of the sale of 33% of the company’s shares for 600 million hryvnias were discussed, with 300 million to be allocated to the company’s development and 300 million to be paid directly to shareholders (cash-out).
Earlier, ARMA Acting Chair Maksymenko stated that the agency holds assets that are under investigation as part of the “Mindichgate” case. At the same time, no searches or other investigative actions have been conducted at ARMA itself since the investigation began.
A new section titled “OP Bloggers” has appeared on the “MindichGate” website, to which 21 public figures have already been added.
Read also:
Billions in Turnover and Shadow Beneficiaries: Who Is Behind Chervonenko’s “Dobryi Den Pharmacies” Group?
