Last year, Ukrainian Sense Bank, owned by ABHH, became subject to “nationalisation without compensation,” commonly known as theft. This unlawful expropriation was accompanied by measures typical of state-sponsored piracy: unlawful “sanctions,” baseless criminal prosecutions, abusive attempts to torpedo international investment arbitration under the aegis of ICSID (the arbitral institution of the World Bank).

Now, the IMF, a sister institution of the World Bank, has stated an intention to prepare Sense Bank for sale “by selecting and appointing an internationally recognized financial advisor using a transparent procedure by end-May 2024 and with IFIs as observers”¹. Implicit in the IMF announcement is the pretence that, after pilfering the bank, Ukraine became its lawful owner. At the time when there is an ongoing ICSID arbitration concerning the expropriation, we consider the action by the IMF as interfering with the substance of the case, on the side of the respondent state, and a threat to the integrity of the arbitration.

The IMF, a Bretton Wood organisation, and a mainstay of the Western world’s economic order, is thus aiding and abetting the disposal of the Bank, in essence acting as a ‘fence’ for stolen goods. This it is not the first time when a supposedly respected Western institution has become a sham accoutrement of a Potemkin village. It is clear why the Global East and the Global South are developing alternative systems.

Any potential buyer of Sense Bank should be aware that, if they decide to purchase it, their legal risks assessment will almost certainly be incorrect. One thing that has NOT been in decline lately is the law and practice of transnational tort claims. The area has seen a rapid development due to the increasing incidences of economic piracy. ABHH reiterates its determination to use all legal means available to obtain justice and full compensation for the significant loss. The rule of law must be upheld.

For the benefit of potential buyers and all those interested in the truth we have prepared a graphic reminder of what has happened. A short video “How to steal a bank from European investors” can be viewed through the following link: https://www.youtube.com/watch?v=T2pCD7Ncgl0

¹  Ukraine. IMF country report 24/78, March 2024