09.04.2025 Відмивання коштів Окупантський бізнес

The “meaning” of corruption: how Russian oligarchs withdrew billions from a nationalized bank under the nose of the state

In 2022, when Russian aggression against Ukraine reached its peak, Alfa-Bank JSC, owned by Russian billionaires Mikhail Fridman and Pyotr Aven through the Luxembourg-based holding ABH Holdings S.A., came under scrutiny due to sanctions imposed on its owners by Ukraine and Western countries. In July 2022, the Cabinet of Ministers of Ukraine decided to nationalize the bank, and on July 22, 2023, the Ministry of Finance of Ukraine and the Deposit Guarantee Fund completed the procedure by acquiring 100% of the bank’s shares, which was renamed Sens Bank JSC.

At first glance, this looked like a victory for the state: a strategic financial asset was removed from the control of sanctioned Russian oligarchs. However, behind the scenes of the nationalization, large-scale fraud was taking place, which allowed the bank to move significant assets offshore, avoiding confiscation.

Sanctions, rebranding and covert control

Even before the nationalization, Alfa-Bank’s management tried to distance itself from its Russian owners. In 2022, the bank rebranded itself, changing its name to Sense Bank and introducing a new brand, Sense Bank.

In addition, despite depriving shareholders of the right to make decisions about the bank, the sanctioned owners continued to influence management through intermediaries and affiliated companies, such as Cyprus-based ABH Ukraine Limited, Greatford Limited, and ABHU Finance PLC.

Reported violations in the nationalization process

First, there was no legal framework for nationalizing a solvent bank through sanctions against its owners. In 2022, the Verkhovna Rada rejected the relevant bills several times, citing the lack of economic grounds for nationalization. It was only in May 2023 that the Parliament passed a decision that allowed the bank to be taken into state ownership.

Interestingly, a number of officials, including representatives of the financial sector, openly opposed the nationalization, emphasizing that the bank was not insolvent. At the same time, the financial condition of Sens Bank was rapidly deteriorating: from April 2022 to July 2023, its regulatory capital decreased by 50%, while the same indicator for other systemically important banks increased by 29%. Customers were massively refusing to use the bank’s services, and assets were being wound down. Was this a natural process or an artificially created capital outflow?

The scheme of asset withdrawal: The Role of Credit Initiatives LLC

One of the key tools in the asset withdrawal was Credit Initiatives LLC, a firm with close ties to Sens Bank and its former owners. An analysis of the company’s activities revealed a number of disturbing facts:

  1. LLC “Credit Initiatives” is registered at 21 Vikentyia Khvoyky Street, Kyiv. However, the company does not conduct business at this address and does not have its own office. This indicates that the company is a “pad” for financial fraud.
  2. The founder of the LLC is the Cypriot company Chibale Limited, which is controlled by the management of Sens Bank. The ultimate beneficiary is a person related to ABH Holdings S.A.
  3. In 2023, Credit Initiatives LLC filed a lawsuit with the Kyiv Commercial Court against Alfa-Leasing Ukraine LLC, claiming UAH 164.9 million. The court partially satisfied the claim and ordered to pay UAH 137.4 million. However, Alfa-Leasing Ukraine secured installment payments, which avoided a one-time transfer of a large sum and made it difficult to track the movement of funds.

These transactions appear to be part of a scheme to withdraw assets from Sens Bank through controlled entities. Alfa-Leasing Ukraine LLC is a member of a group of companies related to ABH Ukraine Limited, which is also involved in a criminal investigation by the Bureau of Economic Security of Ukraine on suspicion of money laundering.

International Lawsuit: Oligarchs vs. Ukraine

On December 29, 2023, ABH Holdings S.A. filed a lawsuit against Ukraine for $1 billion over the nationalization of Sens Bank. Additional claims for $400 million were made by the Dutch company E.M.I.S., affiliated with Friedman.

Interestingly, ABH Holdings S.A. already has a reputation as an unreliable counterparty. In 2022, their Amsterdam Trade Bank N.V. in the Netherlands was declared bankrupt, and the NBU officially recognized the holding’s business reputation as not impeccable. However, this did not prevent the structure from continuing financial transactions in Ukraine through intermediaries.

The role of the Ministry of Justice in the fraud

One of the key players in the scheme of asset withdrawal was Andriy Haichenko, Deputy Minister of Justice of Ukraine for the Executive Service. Sources point to his close ties to ABH Holdings S.A. and Sens Bank, which date back to 2005-2017, when Haichenko worked at Ukrsotsbank. This bank was acquired by ABH Holdings S.A. in 2016, which gave Haichenko access to the internal mechanisms of the holding.

Using his powers, Haichenko influenced the opening of enforcement proceedings in the Obolon district of Kyiv, although Sens Bank was registered in the Holosiivskyi district. At the same time, enforcement proceedings have become a tool for legalizing the withdrawal of assets through controlled companies.

As we can see, officials of the Ministry of Justice not only help to raid the property of citizens, but also work in the interests of oligarchic circles associated with the aggressor state. For example, with the assistance of businessman and former MP Stolar and his associates, former military prosecutor Matios and lawyer Opanasenko, the NGO Non-Stop was re-registered to an unknown person, and false information was entered into the registers. As expected, we have not received any response to our complaints, and the meeting of the anti-raider commission of the Ministry of Justice is still being postponed for formal and rather far-fetched reasons.

In addition, we have previously written about the system of “black registrars” headed by Dmytro Volyk, head of the notary department in Kharkiv region of the Eastern Interregional Department of the Ministry of Justice, and his godfather, lawyer Valentyn Melnyk, who operates in the frontline Kharkiv region. The men have subordinated a number of state registrars (in particular, Serhii Zotkin, Oleh Zhbadynskyi, Ihor Teslenko, Iryna Romanyuk) who work in their interests: artificially increasing the area of objects, registering ownership without title documents, and performing other registration actions in violation of the law. And although some: Zotkin, Zhbadynskyi, and Teslenko have already had their access to the registers restricted, the manipulations continue.

In addition, as it became known from the letters of the Kharkiv Regional Military Administration, Melnyk applied to the local authorities three times (on August 31, 2022, January 04, 2023, and March 31, 2023) to provide passes for movement during the curfew for the team of Melnyk and Partners and his godfather Volyk, but was denied. At least, according to official information from the Kharkiv Regional Military Administration. Interestingly, the Administration officials refuse to answer other questions about Melnyk and Volyk’s activities. Are they deliberately concealing or do they really not have the information?

We also receive refusals from the Kyiv District Court of Kharkiv, whose investigating judges are unwilling to oblige the Kharkiv Oblast Police and the Kharkiv Oblast Security Service to investigate the registration schemes of the Ministry of Justice officials.

In the meantime, along with the black market raiding schemes, Melnyk continues to actively advertise himself: buying ads in local telegram channels, taking pictures with officials, and posting dip-fakes with the President’s image.

So why can neither Minister Stefanishyna nor other officials of the Ministry of Justice influence the situation?

We call on law enforcement agencies, including NABU, SAPO, and the BES, to speed up the investigation of criminal proceedings and bring those responsible from the central to the local level to justice. The public has the right to know who is behind these schemes and why the state cannot protect its own and Ukrainians’ assets.

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