The Ministry of Finance Has Been Assigned a New Task Regarding Sense Bank: What Lies Ahead for the State-Owned Bank
20 August 22:44
The Ministry of Finance has been given a clear mandate to accelerate the sale of Sense Bank JSC. The proceeds from the sale of the bank will be used to finance the needs of the Armed Forces. This was announced by Ukrainian Prime Minister Serhiy Koretskyi, according to
According to the head of government, the Ministry of Finance has been given a clear mandate to accelerate the sale of Sense Bank.
“We must ensure maximum transparency, competitiveness, and efficiency in this process,” Koretsky emphasized.
The Government Portal clarified that, at the same time, the Ministry of Finance and the National Bank must resolve the accumulated problems at the financial institution and ensure transparent and high-quality corporate governance.
The funds that the state will receive upon completion of the bank’s sale are planned to be allocated to meet the needs of the Ukrainian Armed Forces.
“The proceeds from the sale of the bank will go toward funding the needs of the Armed Forces,” Koretsky noted.
At the same time, the authorities have not yet specified:
- the expected amount of revenue to the state budget
- the estimated value of Sense Bank;
- the date of the bidding process;
- potential buyers;
- the deadline for completing the privatization.
As a reminder, in October 2025, the government decided to begin preparations for the sale of the state’s stakes in JSC “Sense Bank” and JSC “Ukrgasbank.”
How the state-owned bank will be sold
Preparations for the privatization of Sense Bank did not begin just now. Back in October 2025, the Cabinet of Ministers adopted a resolution to prepare for the sale of state-owned stakes in Sense Bank and Ukrgasbank.
The legislation provides for three main stages:
- Preparing the stake for sale.
- Conducting a competitive bidding process among potential investors.
- Signing the purchase and sale agreement.
In March 2026, the Ministry of Finance announced a tender to select an advisor to oversee the sale of Sense Bank and Ukrgasbank.
The advisor’s responsibilities include assessing assets, increasing the value of the equity stakes, attracting potential investors, and overseeing all stages of privatization. Their fee for a successful transaction may amount to up to 3% of the actual amount received by the state budget.
How Sense Bank Got Involved in the 150 Million Hryvnia Case
According to investigators, the group exposed during Operation “Forrest Gump” may have laundered approximately 150 million hryvnias in cash. The money was allegedly brought into official circulation to be used as bail for one of the defendants in another anti-corruption case—the “Midas” case.
The NABU claims that the following could have been used to carry out the transactions:
- accounts of controlled companies;
- the infrastructure of a state-owned bank;
- the official authority of certain officials;
- prearranged financial transactions.
According to NABU detective Mykhailo Romaniuk, the organizers of the scheme allegedly gained de facto control over Sense Bank, which allowed them to use the financial institution for their own interests.
This is the version presented in the pre-trial investigation. Only a court can provide a final legal assessment of the actions of each of the individuals involved.
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Why This Is a New Chapter in the Scandal
The Cabinet of Ministers’ latest decision is a continuation of a story that began back in the spring of 2026 following the release of the so-called “Mindich tapes.”
According to journalists, the recordings revealed discussions about the future composition of Sense Bank’s supervisory board even before the Cabinet of Ministers’ official decision. Following the scandal, Mykola Hladyshenko recused himself from his duties for the duration of the investigation.
At the same time, the National Bank initiated administrative proceedings to determine whether Oleksiy Stupak met the qualification requirements. The regulator also examined the independence of the supervisory board chair.
READ ALSO: The government wants to sell “Sense Bank” as soon as possible
As reported by
Sense Bank in the “Mindich tapes”
The composition of the supervisory board of the state-owned Sense Bank, appointed by the Cabinet of Ministers on June 18, 2025, had been discussed more than a month earlier by those implicated in the “Midas” case, according to “Ukrainska Pravda.”
According to the publication, the new “Mindich tapes” capture a conversation between Oleksandr Zuckerman (whom the NABU investigation identifies as a co-organizer of corruption schemes in the energy sector led by Timur Mindich and an employee of the “back office” for money laundering—ed.) and Vasyl Veselyi (a businessman, sholova, and owner of “Kyivpidzemshlyakhbud” LLC—ed.), who became an advisor to the bank’s management after the nationalization of Sense Bank.
In a conversation on May 9, 2025, Vesely, as reported by UP, allegedly outlined his preferred list of members for the bank’s supervisory board: Piotr Novak, Jerzy Shugaev, Eva de Falk, Oleksandr Shchur, Mykola Hladyshenko, and Oleg Mistyuk. Forty days later, the Cabinet of Ministers appointed precisely these individuals to the supervisory board of Sense Bank.
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In a published excerpt from the transcript of the so-called “Mindich tapes,” Veselyi also discusses with Zuckerman the distribution of influence on the financial institution’s supervisory board, noting that “there should be 5 or 6 of our members” out of nine, according to UP.
Law enforcement agencies and the courts are to provide a legal assessment of these conversations.
In June, the bank announced the completion of an internal audit conducted following earlier publications about the “Mindich tapes.”
As Sense Bank noted following the audit, the review found no evidence of preferential treatment, the application of non-standard service terms, or violations of internal procedures regarding the individuals and companies mentioned in the earlier reports.
At the time this article was prepared, Sense Bank had not issued a separate public statement regarding the “Forest Gump” transaction or the Cabinet of Ministers’ latest decision.
About the Bank
Sense Bank (JSC “Sense Bank”)—formerly Alfa-Bank Ukraine — one of Ukraine’s largest banks, founded in the 1990s and formerly known as Alfa-Bank Ukraine, which, prior to the full-scale war, was part of an international group of Russian origin.
In 2022, the financial institution underwent a rebranding, changing its name to “Sense Bank,” and in July 2023, it was nationalized: the state, represented by the Ministry of Finance, acquired 100% of the bank’s shares. This decision was made in light of the risks to financial stability and the previous owners’ ties to Russian businesses.
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