State postal operator Ukrposhta failed to meet a National Bank of Ukraine requirement to remove general director Igor Smelyansky within five working days. The central bank may apply additional enforcement measures if the company continues ignoring the directive, according to lawyer Ihor Bykov, a candidate of legal sciences at law firm Leshchenko and Partners, speaking to news outlet LIGA.net.
Bykov explained that the expiration of the deadline set by the central bank does not automatically terminate the powers of the chief executive or trigger immediate legal consequences. However, non-compliance with mandatory orders could form the basis for new enforcement actions provided under payment services legislation.
Bykov said that assuming Ukrposhta can ignore the requirement indefinitely is incorrect. He noted that if the regulator fails to react, it would effectively call into question the effectiveness of banking and payment oversight mechanisms.
Legal Enforcement Options
Bykov added that legislation grants the National Bank of Ukraine authority to apply additional measures, but deciding which specific measure to use remains within the regulator's discretionary powers. In any future steps by the central bank, identifying the proper recipient of directives will be a central legal issue because the Ministry for Communities and Territories Development handles state corporate rights as Ukrposhta's shareholder.
Smelyansky told LIGA.net that he was unable to comment on the situation immediately. He stated that his legal team is studying the matter, adding that the company is currently focused on winter preparations and overcoming shelling attacks.
LIGA.net requested comment from the National Bank of Ukraine regarding its potential actions following the end of the specified timeframe. At the time of publication, the central bank declined to provide a comment.
Regulatory Decision and Appeal
The National Bank of Ukraine declared Smelyansky non-compliant with professional suitability standards on 23 June and directed the company's shareholder to remove him within five working days. The regulator explained that the decision followed systemic violations in financial monitoring, risk management, and corporate governance.
Smelyansky described the central bank's ruling as unfounded and connected it to the creation of a financial inclusion bank. He stated that Ukrposhta is considering challenging the decision in court.
Lawyers noted that filing a lawsuit does not automatically suspend the central bank's ruling. Halting the directive requires a separate court order securing the claim.
