SSU suspects members of National Securities Commission of lobbying for company under Ukrainian sanctions

The Security Service of Ukraine suspects members of the National Securities and Stock Market Commission of lobbying for sanctioned Freedom Finance in 2019-2022.

Source: Ekonomichna Pravda

Details: "It has been established that in 2019-2022, the interests of Freedom Finance Ukraine in the stock market were lobbied by officials of the National Securities and Stock Market Commission, who helped resolve any issues related to the preservation of the licences of the said company despite its violation of licensing requirements," the Shevchenkivskyi District Court said.

The Ekonomichna Pravda responded that it had no information on this criminal proceeding.

In addition, in March 2022, the SSU opened criminal proceedings against Freedom Finance. The company was suspected of financing actions taken with the aim of forcibly changing or overthrowing the constitutional order.

The court register says the security forces suspect the company and "banking institutions related to the company" of facilitating the concentration of UAH 300 million (US$ 8.120 million) worth of government bonds by Russian business structures in 2019-2022, which could then be used to finance illegal activities.

The SSU also found that the company facilitated the transfer of funds to Ukraine from Russia that could be used to finance the so-called DPR/LPR ("Donetsk/Luhansk People's Republic"), as well as to provide other illegal services to companies from Russia's area of influence using Ukrainian government bonds.

The company denies the allegations and calls the proceedings false and far-fetched.

Background:

• In November 2022, the National Securities and Stock Market Commission suspended the licences of Freedom Finance Ukraine, which was included in the Ukrainian sanctions list.
• The National Bank of Ukraine and the National Securities and Stock Market Commission are developing amendments to the legislation that will allow the return of money to depositors of the sanctioned Freedom Finance.

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