At the beginning of January, the detectives of the National Anti-corruption Bureau informed about the suspicion of persons in the organization of the scheme of taking over the electric energy of NEC "Ukrenergo" and legalizing the funds received from its sale. According to the investigation data, in March 2022 United Energy bought electricity for 716 million hryvnias from the state-owned Ukrenergo. At that time, the trader was already in debt to Ukrenergo, but the head of the relevant department of the state-owned company did not stop the sale. At that time, JSC "Alliance Bank" was the guarantor of the payment, and the decision was signed by Yulia Frolova, the head of the board.
Below are Oleksandr Sosis' comments on this case.
- What can you say as the main shareholder regarding the suspicion of the law enforcement authorities (NABU) against Yulia Frolova - the head of the board of "Alliance Bank"?
– First, the essence of the problem: in September 2021, the bank issued a guarantee as part of its normal activities, which was provided in accordance with the Energy Market Rules in order to ensure the obligations of the market participant United Energy to Ukrenergo for balancing electricity. It is worth noting that the guarantee explicitly stated that it covers risks in the event that both "Ukrenergo" and "United Energy" comply with the rules of the energy market and perform their duties in accordance with the rules approved by the NCRECP.
In particular, "Ukrenergo" is prohibited from releasing energy to companies with signs of pre-default or default status, as well as from deducting money from special trader accounts, where funds from consumers are received every day. In March 2022, Ukrenergo will release electricity to United Energy, which was already in arrears, violating the rules for calculating electricity on special accounts.
Debts created as a result of illegal actions of "Ukrenergo" after non-payment by the "United Energy" trader, in violation of the terms of guarantees and presentation procedures, were sent to the bank. The fact of illegal activity of "Ukrenergo" was established by the State Audit Service of Ukraine during its inspection, the NCRECP noted this in its report.
- Should the bank pay for the guarantee in such a case?
- I have worked in the insurance business for many years, and I can tell you for sure that if you have insured your house, and then it is found that you set it on fire yourself in order to receive an insurance payment, the insurance company will sue you until they win. Therefore, the bank defends its right in this case in court. At most, the Prosecutor General's Office recognized the bank as an injured party, that is, one that became a victim of illegal actions by "Ukrenergo" and "United Energy".
And why did NABU appear in this case, you ask?
And because they suspect a conspiracy between the aforementioned companies, participants in the energy market, and started their investigation.
And why is the chairman of the board of the bank here, who simply signed the guarantee form, which is issued by dozens of Ukrainian banks every day?
The bank is the injured party, where is the evil intent on the part of the chairman of the board? Where is the unfair advantage?
Where, in the end, is the loss for anyone if the parties are in business litigation?
We all respect NABU very much, both in Ukraine and abroad, but NABU is not staffed by robots, but by people. And people can be wrong. And I think that this is just a mistake that will be corrected either by the investigators themselves or by the judge. And I really want to believe that this is just a mistake, and not the situation that was discussed at the last NSDC and highlighted by business and government representatives.
And one more interesting thing that sounded in the public space. NABU announced that it seized UAH 665 million and EUR 36 million from the accounts of companies associated with United Energy. Therefore, the funds for repayment of losses (770 million UAH) of "Ukrenergo", if there are any, are sufficient with a margin. Then what is the problem and what does the injured party - a commercial bank - have to do with it?
- By the way, what new can you tell about the bank's activities?
- Despite the war, the bank continues to develop and does so very actively. The volumes of consumer lending have increased many times, thanks to the launch of their own processing, the largest aggregator companies of the e-commerce market conclude service contracts, and a queue of willing customers has even formed. The bank held a general meeting of shareholders and approved an increase in the authorized capital by 234 million hryvnias. Over the past year, 3 new branches have been opened, and work has resumed in Kherson and Kharkiv. All NBU regulations are fulfilled, the bank's work is profitable.
We provide permanent assistance to the Armed Forces of Ukraine, myself and bank employees. A campaign to collect funds for the purchase of drones for the most effective unit of the Security Service of Ukraine "White Wolves" is currently underway. The Bank has been supporting the holding of "Forums of Good Deeds" for five years in a row, 10 such forums have already been held, and the next one is being prepared in March.
I am also the chairman of the supervisory board and a major donor to the Goldа Meir Institute for the Development of Civil Society, which is currently actively developing rehabilitation centers for the military.
