Igor Smilyansky, the CEO of Ukrposhta, has publicly addressed remarks from the National Bank of Ukraine (NBU) questioning his competence following the company’s announcement to contest a fine imposed by the regulator. During a brief interview with Suspilne, Smilyansky expressed skepticism regarding the NBU’s leadership, asserting that they often overlook their role as a regulatory body rather than a judicial one.
Smilyansky’s comments came in response to the NBU’s statement that suggested a lack of oversight at Ukrposhta, which they claimed contributed to an improper distribution of authority within the organization. He emphasized that such claims should be based on substantial evidence, stating, “When any institution makes assertions about the competence of officials, there must be a foundation for that.”
“The National Bank of Ukraine often forgets that they are not a court or a prosecutor. They have not issued any statements regarding the competence of bank leaders involved in cashing out funds, yet they question my competence. This raises significant concerns about the NBU’s own adequacy,” Smilyansky remarked.
Addressing the NBU’s concerns about the absence of a supervisory board at Ukrposhta, Smilyansky clarified that the board has been operational since 2018 and characterized it as one of the most stable in Ukraine’s history. He noted, “There is an active supervisory board at Ukrposhta. Moreover, I am heading to a supervisory board meeting immediately after this interview. The supervisory board is appointed by shareholders, specifically the Ministry of Infrastructure and the Ministry of Economy, not by the CEO. A competition for a new supervisory board was announced on March 27.”
Smilyansky also indicated that the tensions between Ukrposhta and the NBU did not originate solely from the recent fine. He recalled a previous incident where the NBU claimed that Ukrposhta was in default, which he vehemently denied. “I stated then that this was nonsense, and I stand by that assertion today. The NBU’s failure to engage with management or explore crisis management measures, while publicly undermining the company’s reputation, raises serious questions about their approach,” he added.
The NBU had imposed a fine of 255,000 hryvnias on Ukrposhta on March 17 for alleged violations of Ukrainian payment market regulations, specifically for failing to submit requested information within designated timeframes. On March 27, Ukrposhta announced that it had paid the fine but would contest the basis for the penalty in court, viewing the NBU’s demands as an infringement on its independent governance.
The following day, the NBU characterized Smilyansky’s statements as attempts to discredit the bank’s actions and mislead the public. They reiterated concerns about the prolonged absence of a supervisory board at Ukrposhta, asserting that this had resulted in significant operational issues.
Igor Smilyansky, CEO of Ukrposhta, has responded to the National Bank of Ukraine's critique of his competence, asserting that the NBU's claims lack foundation. He emphasized the existence of a supervisory board since 2018 and characterized the NBU's actions as undermining the company's governance.