Criminal proceedings against Oleksandr Zyma, director of the legal department of the National Bank of Ukraine, are likely to have serious consequences not only for his reputation, but also for the functioning of the entire regulator. As head of the legal department of the National Bank, Zima is responsible for the development and legal justification of key decisions that have influenced and will influence the country’s financial system. However, his involvement in violations of the law may call into question the legality and legitimacy of decisions made by him in office, writes UNN.
The Legal Department of the National Bank plays a critical role in providing the legal basis for all decisions made by the regulator. Zima, as the head of this department, is directly responsible for the legal examination of documents related to financial regulations, banking operations and international agreements. However, the chief lawyer of the NBU found himself at the center of the scandal. The State Bureau of Investigation has opened criminal proceedings investigating the alleged abuse of power or official position by an official.
Criminal case refers to the letter of the National Bank of Ukraine to the Deposit Guarantee Fund of Individuals signed by Oleksandr Zyma, with which he recommended the Fund to withdraw the lawsuits filed by the Concord Bank against the NBU. The document referred to the bank’s four lawsuits against the NBU, in which “Concord” demanded the cancellation of fines totaling almost 63.5 million hryvnias. These lawsuits were filed even before the National Bank decided to liquidate “Concord” and introduced a temporary administration there.
Later, the Shevchenkiv District Court of Kyiv recognized the victim Yulia Sosyedka, co-founder of Concord Bank, in this criminal proceeding. After all, for in words the co-owner of “Concord” Olena Sosyedka, by his instructions, Zima deprived the shareholders of the bank of their constitutional right to a fair trial.
Experts interviewed UNNindicate that these are the actions of the chief lawyer of the National Bank cast a shadow on the entire regulator. They, in particular, can undermine the trust in all the decisions made by them, because there is a reasonable doubt about their legal purity and compliance with the legislation.
After all, if the investigation confirms violations or wrongful actions on the part of Zima, this may lead to the need to review or even cancel other decisions he made. This applies to both internal regulatory acts and international agreements concluded with the participation of the National Bank. Such a situation can create legal uncertainty that threatens the stability of the financial system and undermines investor confidence.
The criminal case against the chief lawyer of the National Bank has a serious impact blow on the reputation of the regulator. According to experts, this situation may raise doubts, including among international partners, about the transparency and impartiality of processes in the central bank, as well as about the institution’s ability to effectively perform its functions. International partners and financial organizations cooperating with Ukraine may question the feasibility of further cooperation and providing financial support.
Experts emphasize: it is important that the National Bank promptly reacts to the situation, ensures the transparency of the investigation and takes measures to maintain trust in its decisions and its activities in general. To this, to theirs opinionwill contribute to Zima’s dismissal, or at least his removal from duty.
