Not just Energoatom
Nepotism, incompetence, and corruption have been a painful problem for Ukraine throughout its years of independence. However, since 2019, and especially since the start of the full-scale Russian invasion, this has been perceived by society as extremely acute. There is anger that in a country at war, there can be untouchable "territories." Unfortunately, to a certain extent, this includes the National Bank.
Appeals to the NABU do not always bring immediate results. Only after my lawsuit to the VAKS did the anti-corruption body file a statement with the ERDR and is now forced to launch an investigation into possible corruption offences by the deputy head of the NBU, Dmytro Oliynyk. Of course, the opening of criminal proceedings is not yet a conviction. But it is only the beginning. And I will make every effort to ensure that this beginning does not turn into a sham.
"Bulldogs under the carpet" and toxic ties
It is no secret that I have been directly involved in the banking system for two decades, including working at the NBU. I know many people, and many people know me. This allows me to obtain inside information and understand the internal logic of the regulator"s decision-making. Usually, this is the same clash of "bulldogs under the carpet." However, public scandals, such as the National Bank"s administrative pressure on Petro Poroshenko"s bank, allow us to capture the details of this "kitchen": nepotism, clans, conflicts of interest, and toxic ties with Russian capital at the very top of the regulator.
I recently described this in detail in my blog. Let me remind you: NBU Governor Andriy Pyshnyy "brought in" Dmytro Oliynyk from Oschadbank to the National Bank. In turn, Mr. Oliynyk brought in his lawyer and colleague from PwC, Anna Lypska, a former employee of the sanctioned Russian IFD Capital.
This is a classic example of the genre: a chain of personal loyalties instead of institutional safeguards. An informal assessment of roles has long been circulating in the market: Pyshnyy is the political "umbrella," Oliynyk is the "cashier." But I am not interested in gossip. To truly understand the situation, you need documents—and they have appeared.
Apartment in Dubai: a "coincidence" worth 7.7 million?
I obtained an extract from the UAE registers and a package of accompanying materials. I forwarded them to the NABU and, of course, am not publishing them while the investigation is ongoing. These documents paint a picture that cannot be ignored, namely, signs that Mr. Oliynyk may be legalizing illegal assets through investments in real estate in the United Arab Emirates.
According to the statement, it concerns an apartment in Zenith Tower (Al Hebiah Fourth) in Dubai. Prices for apartments in this investment-class residential complex start at $200,000.
As they say, you can"t forbid people to live beautifully. The owner of the apartment is Olga Kushnir. This is the maiden name of Dmitry Oliynyk"s now ex-wife. And here"s another "coincidence": in his 2023 declaration, Oliynyk mentions that his wife Olga obtained a residence permit in the UAE, worked as a freelancer in Dubai Media City, and earned no less than 7.7 million hryvnia.
However, there is no mention of the apartment in Dubai in the declaration.
Although, in my opinion, there should have been a mention. After all, the couple divorced on December 28, 2023, and Olga Kushnir had been renting out the apartment since July 11, 2023. She had purchased it even earlier.
Olga"s ability to independently purchase real estate in Dubai raises serious doubts. The two most common ways to obtain a residence permit in the UAE are to start a business (an investment of $136,000 or more) or to purchase a home (from $204,000). However, O. Oliynyk"s income grew significantly in 2023. As of the beginning of the year, her income in 2021 and 2022 were approximately $32,000 and $21,000, respectively. She simply could not have had $136,000 "free" to invest, let alone to buy an apartment.
Olga Kushnir/Oliynyk did indeed have a website, mrkt-solutions.ae, where she offered marketing services. This is the formal explanation of where the family"s 7.7 million hryvnia came from. The website looked unconvincing, and now it is closed. Therefore, I do not believe in the legend of a talented marketer who suddenly began to earn hundreds of thousands of dollars a year and invest in Dubai real estate.
New Lexus and "strategic sessions" in Vienna
According to Dmitry Oliynyk"s declaration, his ex-wife rents an apartment in Vienna, where she lives with their son. According to my information, Olga, already in the status of an ex-wife, for some reason purchased a 2024 Lexus NX 350H in Ukraine, even though she lives abroad. The price of such a car starts at $50,000.
The answers to these riddles and coincidences should be provided by Mr. Oliynyk, who, according to rumors, often visits the glorious city of Vienna and spends time not only with his former family, but also holds "strategic sessions" with various bankers hiding outside Ukraine. For example, with Mr. Bakhmatyuk, who is himself under investigation by the NABU. I suggest that Mr. Oliynyk publicly deny the fact of this meeting.
NABU must respond
Fictitious divorce is one of the favorite ways Ukrainian officials use to legalize illegal income and conceal assets. This is not my imagination; it is a long-standing practice that has been described by investigators many times. Whether this is what happened in Oliynyk"s case is something that NABU must determine. I assert that the set of signs recorded in the materials is a typical "red flag" that detectives must thoroughly investigate.
It is very significant that the High Council of Justice carefully reviewed the materials provided and obliged the National Anti-Corruption Bureau to open proceedings after all.
What exactly should NABU do?
- Obtain confirmation of residence permits, banking activity, and registration actions from the UAE authorities.
- Examine cash flows, sources of income and expenses, compare timelines with family status and declarations.
- Check connections with Ukrainian assets, including "gifts," re-registration, and other manipulations with property during the divorce period..
- Interview the parties involved, request contracts, bank statements, information from customs and registration databases.
- Answer the key question: is the "family" shell a tool for concealing assets, the ultimate beneficiary of which may be an NBU official?
- The issue of confidence in the hryvnia
Separately, regarding ethics and reputation, I do not accept the argument that "it is like this everywhere." If it is like this everywhere, it means that the system is corrupt.
And if there is even a hint in the NBU"s guidance about a "cash register" into which money is "deposited," this is a direct blow to the trust of our Western partners in the regulator and the hryvnia.
A few words personally to Mr. Oliynyk and his boss, Pyshnyy. If I am wrong, they should prove it with facts. Otherwise, it would be better to honestly admit their mistakes and leave. The NBU is not a place for a "circle of trust"; the NBU is a place where they are responsible for the hryvnia of every Ukrainian.
Now the ball is in NABU"s court. Conduct a full, independent, documented audit. The choice is simple: either we build a central bank that can stand shoulder to shoulder with European institutions, or we remain a country where fictitious divorces, "friendly" lawyers, and "cash registers" are part of the official architecture of power.
