Ukrposhta, Ukraine’s national postal operator, has confirmed the payment of a fine amounting to 255,000 UAH imposed by the National Bank of Ukraine (NBU). However, the company has expressed its disagreement with the rationale behind the penalty and plans to contest the decision in court.
In a statement, Ukrposhta asserted that the NBU’s fine was levied for failing to comply with what it termed an “obviously illegal requirement.” The company argued that the request for information and documentation fell outside the NBU’s regulatory scope and should have been directed to its shareholder, the Ministry of Communities and Territories Development of Ukraine.
“Specifically, this pertains to discussions regarding the format and methods of providing postal services during the full-scale invasion. Essentially, it represents an attempt to exert control over the independent supervisory board of Ukrposhta. The NBU’s position disregards the fact that Ukrposhta is primarily a national postal operator, and its money transfer activities, conducted under an NBU license, are secondary to its main operations,”
the company stated.
Ukrposhta views the NBU’s demands as an interference in the independent functioning of corporate governance bodies, particularly supervisory boards, and as an attempt to replace corporate governance with regulatory pressure.
“This approach is unacceptable and indicates a dangerous expansion of the regulatory mandate into the realm of corporate governance. It also sets a precarious precedent for all companies with independent corporate governance bodies,”
Ukrposhta added.
The company emphasized the necessity of independent corporate governance bodies in state-owned enterprises as a safeguard against abuse, undue interference, and ineffective management of state assets.
“Therefore, such actions by the regulator raise concerns and surprise. The company views this situation not merely as a technical dispute over documentation but as a fundamental attempt to interfere with corporate governance independence in Ukraine. Ukrposhta will defend this position in court,”
the statement concluded.
On March 17, the NBU announced the fine against Ukrposhta for violating Ukrainian legislation governing the payment market, citing the company’s failure to submit requested information and documents within the established timeframe. In December 2022, the regulator had issued a written warning to Ukrposhta for similar violations, including issues related to statistical reporting.
Ukrposhta has paid a fine imposed by the National Bank of Ukraine but disputes the grounds for the penalty, planning to challenge it in court. The company argues that the NBU's demands overstep its regulatory authority and threaten corporate governance independence.