Scandal, the Temporary Investigation Commission, and Suspension: What’s Happening with “SENS Bank”
7 May 06:54
The state-owned “Sens Bank” has found itself at the center of a new scandal following a meeting of the Verkhovna Rada’s temporary investigative commission and the emergence of references to the so-called “Mindich tapes.” Against this backdrop, the chairman of the bank’s supervisory board, Mykola Hladyshenko, has temporarily stepped down on his own initiative, while the National Bank explained the reasons for the institution’s nationalization and stated that the current circumstances do not call into question the decision to transfer the bank to state ownership, reports
What the NBU is saying after the TSC meeting
The National Bank released a detailed statement following a meeting of the Verkhovna Rada’s Temporary Investigative Commission on Economic Security.
The focus was on:
- the reasons for the nationalization of “SENS Bank”;
- the bank’s operations following its transition to state ownership;
- the composition of the supervisory board;
- issues of financial monitoring;
- mentions of the bank in media reports regarding the so-called “Mindich tapes.”
The regulator stated that the circumstances discussed by the TSC are not related to the grounds for nationalization and cannot call into question the legality of the decision made.
Why was “SENS Bank” nationalized?
The National Bank reiterated that the decision to nationalize “SENS Bank” was made due to risks to financial stability and depositors.
The key reason was sanctions against the bank’s shareholders at the time. Due to these restrictions, the owners could not maintain the institution’s required capital level.
Against the backdrop of deteriorating borrower payment discipline, the bank’s capital decreased by 50% from March 2022 to July 2023. By comparison, capital at other systemically important banks grew by 29% during this period.
The NBU emphasized that these factors posed risks to the banking system and customers, which is why the state was forced to intervene.
Supervision of the bank following nationalization
After Sens Bank was transferred to state ownership, the National Bank tightened its control over the institution.
The regulator conducted:
- on-site inspections;
- remote analysis of operations;
- lending reviews;
- compliance assessments;
- supervision of financial monitoring.
Based on the results of these inspections, the NBU took enforcement actions and also sent reports to law enforcement and other government agencies.
Between 2023 and 2026, the National Bank sent 13 letters to law enforcement agencies and 4 letters to the financial monitoring service.
What was discovered prior to nationalization
The NBU also stated that, prior to nationalization, signs of a hidden management structure at the bank were detected.
These circumstances served as the basis for further investigations and external forensic examinations.
The focus was on determining who could have actually influenced the management of the institution before the bank was transferred to state ownership.
Sens Bank’s Supervisory Board: the NBU’s position
Separately, the National Bank explained that it does not participate in the selection of candidates for the bank’s supervisory board.
The regulator’s role is different: after the appointment, the NBU verifies whether the members of the supervisory board meet the established requirements.
An additional assessment of individual supervisory board members’ compliance with independence criteria is currently underway.
What is being said about financial monitoring
The National Bank rejected accusations of inaction and stated that its supervisory function is carried out systematically.
According to the regulator, hundreds of inspections of banking and non-banking institutions were conducted between 2022 and 2026. The total amount of fines exceeded UAH 1.6 billion.
Regarding “Sens Bank,” separate inspections were conducted, fines were imposed, and mandatory recommendations were issued to strengthen the financial monitoring system.
Does the NBU influence the bank’s rates?
The NBU also explained that it does not influence banks’ fee policies. This matter falls under the authority of the management bodies of the specific institution.
The regulator also noted that Sens Bank’s profits for 2023–2024 remained undistributed and were allocated to capital.
In 2025, most of the profit was used to cover losses from previous years.
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Supervisory Board Chairman Temporarily Steps Down
Amid the scandal, Mykola Hladyshenko, chairman of the supervisory board of Sens Bank, submitted a request for temporary suspension from his duties on his own initiative.
He explained this by the need to clarify all the circumstances following the appearance of scandalous reports in the media.
The day before, on May 5, Gladyshenko participated in a meeting of the Verkhovna Rada’s Temporary Investigation Commission, where he answered questions from members of parliament.
Following an extraordinary meeting of the supervisory board, Petr Novak was appointed to perform the duties of chairman.
Who is Petr Novak
Petro Novak joined the Supervisory Board of Sens Bank in October 2025 as an independent member.
He has over 20 years of experience in the banking and investment management sectors.
In particular, Novak:
- serves as a public advisor to Polish President Karol Nawrocki;
- has served as Poland’s Minister of Economic Development and Technology;
- served as Deputy Minister of Finance of the Republic of Poland;
- worked at the International Monetary Fund in Washington.
The bank stated that all services are operating as usual, and customers have access to services as normal.
What is known about the scandal surrounding “Sense Bank”
The composition of the supervisory board of the state-owned Sense Bank, appointed by the Cabinet of Ministers on June 18, 2025, was discussed more than a month earlier by figures involved in the “Midas” case, according to “Ukrainska Pravda.”
According to the publication, the new “Mindich tapes” contain a conversation between Oleksandr Tsukerman ( 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, sholov, 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 announced his preferred list of members for the bank’s supervisory board: Petr 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.
In the published excerpt from the transcript of the so-called “Mindich tapes,” Veselyi also discusses with Tsukerman 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, reports UP.
Privatization of “Sense Bank”
President Volodymyr Zelenskyy stated that “Sense Bank” should be privatized this year. “Ukrgasbank” is also cited among the priority targets for privatization, and the necessary procedures for its potential sale are already being prepared.
Amid discussions surrounding “SENS Bank,” the NBU emphasized that all decisions must be made based on legislation, transparent procedures, and verified facts.
About the bank
Sense Bank (JSC “Sense Bank”)—formerly Alfa-Bank Ukraine—is one of Ukraine’s largest banks, founded in the 1990s and previously 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 risks to financial stability and the previous owners’ ties to Russian business.
As previously reported by
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