Cabinet of Ministers replaces majority of Privatbank supervisory board

28 December 2022, 11:45 AM
Roman Sulzhik, a former member of the Supervisory Board of PrivatBank (Photo:Роман Сульжик via Facebook)

Roman Sulzhik, a former member of the Supervisory Board of PrivatBank (Photo:Роман Сульжик via Facebook)

The Ukrainian government has sacked the majority of the supervisory board of Ukraine’s largest bank, Privatbank, former board member Roman Sulzhyk reported on Facebook on Dec. 27.

"It is already official. I and most of the other members of our Supervisory Board have left PrivatBank," Sulzhyk said.

The supervisory board members who have been dismissed include Sharon Iski, the Chairman of the Supervisory Board, as well as Eran Klein, Roman Sulzhyk, Olga Tomash and Sebastian Prinz von Schoenaich-Carolath.

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Sulzhyk added that he isn’t aware of the rationale behind the sackings.

"I will immediately answer the question: "Why were we replaced?" Honestly, I don't know,” he stated.

“It has no logic for me. Like any entity we are not perfect, but did the job in good faith.”

In a statement, the Ministry of Finance revealed that the new supervisory board members will include the former head of the Estonian Luminor Bank, Nils Melngailis, the former head of PKO Bank Poland, Zbigniew Jagieło, the former deputy chairman of the board of Oschadbank Volodymyr Lytvyn, and the chairman of the board of UniCredit Bank, Federico Russo. Nadir Sheikh is the only prior board member who has retained his position.

According to Sulzhyk, the sacking of the previous board means that the government has assumed all responsibility for the fate of PrivatBank.

"In case of any problems people will ask: “Could this have happened with the previous management?" I don't know why [the government] would take such risks," he added.

Sulzhyk said that he isn’t aware of who will replace him and the other supervisory board members, but expressed hope that "they will be top professionals who will cope and everything will be fine.”

"If I am to give them a piece of advice, I would quote The Godfather: whoever comes to you with these Kolomoisky or Surkis meetings, he's the traitor," Sulzhyk said, referring to the former owners of Privatbank, prior to its nationalization following the discovery of a $4.5 billion fraud at the bank.

In April 2022, the Ukrainian government adopted a law that allows for the dismissal of members of supervisory boards of state banks and enterprises who fail to perform their functions.

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