NABU investigates conspiracy at Oschadbank regarding Yanukovych's offshore companies, with Pyshny involved

Andriy Pyshny, Governor of the National Bank of Ukraine, is named in a criminal case currently under investigation by the National Anti-Corruption Bureau of Ukraine (NABU). The case concerns a scheme to evade tax payments through offshore companies linked to Viktor Yanukovych's "money men" — Serhiy Arbuzov and Serhiy Kurchenko.

Searches and official's status

On 21 October, NABU detectives and Specialised Anti-Corruption Prosecutor's Office (SAPO) investigators conducted searches at National Bank premises and at the residence of one of its employees. Media report that these measures are directly related to NBU Governor Andriy Pyshny, although he has not publicly commented on this information. At the time of publication, Pyshny continues to hold the position of head of the regulator.

Allegations against the official may be linked not only to the "Karpatnaftokhim" and "Sense Bank" cases. There is a separate case (No. 52025000000000150) examining actions committed during his leadership of "Oschadbank" in 2014–2020.

Tax evasion mechanism

Between 2013 and 2016, "Oschadbank" serviced deposit accounts and securities accounts for ten Cypriot offshore companies. Initially, control over these entities belonged to Serhiy Arbuzov and Serhiy Kurchenko, later transferring to businessmen Pavlo Fux and Oleksandr Onyshchenko.

List of offshore companies operated by the bank:

• Quickpace Ltd
• Sabulong Trading Ltd
• Kviten Solution Ltd
• Wonderbliss Ltd
• Baleingate Finance Ltd
• Katiema Enterprises Ltd
• Foxtron Networks Ltd
• Loricom Holding Group
• Akemi Management Ltd
• Opalcore Ltd

The bank paid these companies income in the form of interest. As a tax agent, "Oschadbank" was obliged to withhold and remit tax on non-resident income to the budget at a rate of 15%. Instead, a preferential rate ranging from 0 to 2% was applied.

Tax authority decision and appeal attempt

Following a planned audit by the State Fiscal Service (DFS) Large Taxpayers Office (for the period from 1 July 2008 to 30 September 2016), it was established that the bank had not accrued, withheld, or paid tax amounting to 481 million UAH. On 30 March 2017, the DFS Large Taxpayers Office issued tax notice-decision No. 0000584303, assessing an additional 841.5 million UAH including penalty sanctions.

The bank appealed this decision. The Fiscal Department of Administrative Appeals prepared a draft decision, according to which the bank's monetary liability was to be reduced to 641.4 million UAH, and the appeal was to be partially upheld.

Conspiracy with DFS officials and prosecutors

According to the investigation, no later than 2 June 2017, representatives of "Oschadbank" entered into a conspiracy with Serhiy Bilan, First Deputy Head of the DFS, Yevhen Bambizov, Head of the DFS Large Taxpayers Office, and prosecutor Kostiantyn Kulyk. The aim was to avoid paying taxes and fines to prevent worsening the bank's financial indicators and damaging the reputation of its management.

Kulyk, who at the time held the position of Deputy Head of the General Prosecutor's Office (GPO) department and was the senior prosecutor in the group, proposed to Bilan not to sign the prepared draft decision. Instead, on the last day of the deadline (7–8 June 2017), the General Prosecutor's Office, within the framework of the criminal proceedings, seized all materials of the appeal. This created the appearance that the decision could not be made for objective reasons.

Bilan did not sign the draft. The department head repeatedly reminded him of the approaching deadline and even sent a report to the Acting Head of the DFS, but the decision was never made. As a result, the appeal was automatically upheld in favour of the bank (sub-paragraph 2 of paragraph 56.9 of Article 56 of the Tax Code of Ukraine). The state lost the right to claim 641.4 million UAH.

Status of suspects

Serhiy Bilan received suspicion in February 2025 and reached a plea deal with the investigation (the sentence has been classified). Materials regarding Kulyk have been separated into a separate case No. 52025000000000150. He was notified of suspicion in January 2026. Kulyk left the country and has been placed on the national and international wanted list. He is also named in another case under Part 1 of Article 255 and Part 1 of Article 111 of the Criminal Code of Ukraine (establishment of a criminal organisation and high treason), where the indictment has already been sent to court.