The Government of Ukraine will appoint an internationally recognized financial advisor by the end of May 2024 to prepare for the sale of state-owned Sense Bank and Ukrgasbank. This is discussed in the International Monetary Fund's updated EFF extended financing program, Forbes writes.
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The consultant will be appointed using a transparent procedure until the end of May 2024 and with the participation of international financial institutions (IFIs) as observers, the memorandum says.
The main selection criteria are: international experience in the field of sales of financial institutions, the consultant’s proposal of a comprehensive sales action plan. At the same time, the amount of the consultant’s remuneration should not be the key determining criterion, the document notes.
In response to the plans of the Ukrainian authorities and the IMF, the former shareholder of Sense Bank – ABH Holdings SA – has already expressed protest. At the end of 2023, ABHH submitted a request to the International Center for the Settlement of Investment Disputes (ICSID) for arbitration and a claim against Ukraine for more than $1 billion, demanding full compensation.
The holding warned potential investors against purchasing Sense Bank, considering their chances in a legal dispute are high, taking into account the practice of transnational tort claims.
