The state-owned Sense Bank is undergoing a major leadership reshuffle amid an ongoing investigation by the National Anti-Corruption Bureau. As reported by RBC-Ukraine citing the bank's press service, all officials of the institution who appear in the NABU materials have been removed from their duties and stripped of access to management. In parallel, the financial institution has received a new board chairman, while the regulator and the court have simultaneously launched their own proceedings against the former head. According to the outlet, the court has already selected a bail measure for the board chairman and imposed certain procedural obligations on him.

Regulatory and judicial tracks against the former head

In addition to the court proceedings, the National Bank of Ukraine found Oleksiy Stupak to be non-compliant with the qualification requirements in terms of professional fitness. The NBU sent the bank a demand to immediately take measures to fully terminate his powers. Thus, two independent mechanisms are simultaneously in effect against the former head — the criminal-procedural one (bail and procedural obligations selected by the court) and the regulatory one (refusal of qualification and a directive to terminate his powers). Elena Zubchenko has been appointed to temporarily perform the duties of the head of the board of Sense Bank.

Profile of the acting head

According to the press service, Elena Zubchenko has more than 20 years of experience in senior positions in the financial, legal, and public sectors. In particular, she worked at PrivatBank and the Ministry of Finance of Ukraine, and is also a specialist in international law. The appointment of a person with such a profile against the backdrop of a criminal investigation and a regulator review is perceived as an attempt to stabilize management and restore the trust of supervisory authorities and customers.

Update of the supervisory board composition

Sense Bank is continuing to update the composition of its Supervisory Board. In August, the NBU approved the appointment of an independent member — international banker Peter Novak. A regulator decision on two other newly nominated candidates is expected in the near future. The bank's statement emphasizes that once one of them takes office, the supervisory board will have the necessary quorum to hold valid sessions, including making decisions on terminating the powers of the board chairman and other matters within the board's exclusive competence.

Context of Operation "Forrest Gump"

The changes are taking place against the backdrop of a review of Sense Bank by the National Bank regarding the possible interference of its employees in the operation of the automated system. The Cabinet of Ministers previously removed Nikolai Hladushchenko, chairman of the supervisory board of the state bank, on the backdrop of the "Forrest Gump" case and initiated the removal of the board chairman. NABU and the Specialized Anti-Corruption Prosecutor's Office released fragments of conversations within the framework of Operation "Forrest Gump," in which possible influence over Sense Bank is mentioned. According to reports by several outlets citing NABU, significant sums allegedly passed through the bank in connection with collateral security, which further increases pressure on the institution's management.

Contradictory data

There is a difference in emphasis in the public statements of the parties. The bank, in its press release, presents the personnel changes as a planned update of management and the supervisory board, aimed at restoring the validity of the governing bodies. At the same time, headlines and formulations about the "new head" do not fully and accurately reflect the status of Elena Zubchenko, who was appointed specifically as acting head, not as the permanent board chairman. Against this backdrop, the investigative bodies and the regulator, conversely, emphasize the criminal nature of the case, the possible interference in the operation of the bank's systems, and the suspension of the powers of the former heads. The discrepancy between the bank's "management" narrative and the NABU/NBU "investigative" narrative makes the picture ambiguous, although the fact of the removal of the subjects and the appointment of an acting head is confirmed by both sides.