ABH Holdings S.A. (“ABHH”) denies accusations of the intention to transfer funds out of Sense Bank, bringing it to bankruptcy. We treat such statements as an attempt to discredit the bank’s owners and threaten the bank’s employees. 

On 28 July 2023, Ukrainian media outlets reported, citing Ukrainian law enforcers, that shareholders’ attempts were prevented to transfer funds out of Sense Bank. It is unfortunate that journalists did not consider it necessary to reach out to the holding company to clarify the matter. The management of ABHH reminds that the shareholders of ABHH were removed from the management of the bank on 2 March 2022 by the decision of the National Bank of Ukraine (“NBU”). On 21 April 2022 by the decision of the NBU, the voting rights were transferred to an appointed trustee – Mr. Simeon Dyankov (https://en.wikipedia.org/wiki/Simeon_Dyankov).

At the same time, the bank has become subject to special restrictions. As a result, based on the information obtained by ABHH, the bank was under a tight control of the regulator during this entire period. The NBU representatives were permanently stationed at the bank; the imposed restrictions prohibited new transactions, repayment of indebtedness by borrowers through placing collaterals. The bank’s expenditures as well as all major transactions were placed under NBU’s control.

According to the publicly available financial statements, the Ukrainian state assumed control over the bank at the moment when it possessed high levels of liquidity, was operationally profitable, and satisfied the requirements set out by the NBU. Against the background of such restrictions, the accusations of trying to move money out of Sense Bank and bring the bank to bankruptcy are false and an attempt to justify expropriation of the asset. 

Under the decision of the NBU of 2 March 2022 on the reduction of the ownership by sanctioned persons, efforts have been recently made to find a potential investor of which the NBU was duly informed. The proposal to engage an international investor had been shared with the NBU for consideration. However, the proposal was subsequently blocked by the regulator, of which the regulator informed the potential investor by letter of 25 May 2023. 

Throughout the 20-year history of the bank, the shareholders of ABHH clearly demonstrated their responsible approach to investments. The aggregate investments into the bank totalled well in excess of USD 1 billion. However not one cent of dividends has ever been paid. The shareholders of ABHH informed the government and regulator of their willingness to capitalise the bank with a further USD 1 billion. One of the reasons why no positive decision has been received in that respect was the response by the NBU to the Ministry of Finance of the United Kingdom in which the NBU stated that Ukraine did not need those funds, and that the bank did not require additional capital. 

In light of the above, we consider the publications in the Ukrainian press as an intentional misrepresentation of facts.

Please forward all media queries to info@abhh.lu.