The government is launching the sale of Sens Bank; the proceeds are planned to be transferred to the Armed Forces of Ukraine
The Cabinet of Ministers has instructed the Ministry of Finance to expedite the sale of the state-owned “Sens Bank.” The proceeds from the transaction are planned to be allocated to the needs of the Ukrainian Armed Forces. The decision was made in light of the case involving the bank being investigated by the National Anti-Corruption Bureau of Ukraine (NABU) and the Specialized Anti-Corruption Prosecutor’s Office (SAPO).
Ukrainian Prime Minister Serhiy Koretskyi stated that the Ministry of Finance has been tasked with accelerating the sale of the state-owned bank. According to him, the sale must take place as transparently as possible and under competitive conditions. The government also expects the deal to be economically beneficial for the state. “The Ministry of Finance has a clear mandate to accelerate the sale of Sense Bank. It is essential to ensure maximum transparency, competitiveness, and efficiency in this process,” Koretskyi stated.
At the same time, the Ministry of Finance, together with the National Bank, must address the problems that have accumulated at the financial institution. This also pertains to the bank’s corporate governance. “At the same time, the Ministry of Finance, together with the National Bank, must resolve all the accumulated problems at this financial institution and ensure transparent and high-quality corporate governance,” the prime minister added.
Where the Proceeds from the Sale Will Go
The government plans to allocate the proceeds from the sale of “Sens Bank” to support the Ukrainian Armed Forces. Thus, once the deal is finalized, the proceeds from the privatization of the state-owned financial institution will be used to fund the Ukrainian military. At the same time, no specific buyer for the bank has been named yet. Likewise, the government has not yet announced the final timeline for the sale or the expected value of the financial institution.
The decision was made following the NABU investigation
The sale of the bank is taking place against the backdrop of a criminal investigation by NABU and the Specialized Anti-Corruption Prosecutor’s Office (SAPO), which led to personnel changes in Sens Bank’s leadership. The day before, the Cabinet of Ministers suspended the chair of the state-owned financial institution’s supervisory board. The government also initiated the removal of the bank’s board chairman. Now, the Ministry of Finance must not only oversee the change of ownership at “Sens Bank” but also, together with the National Bank, resolve the issue of its future management. This was announced by Ukrainian Prime Minister Serhiy Koretskyi.
JSC “Sens Bank” appears in the “Forest Gump” case files as one of the channels through which funds were transferred in connection with the posting of a 150 million hryvnia bail bond for former Energy Minister Herman Galushchenko.
