You're reading: Ukreximbank board chairman arrested by SBU

The Security Service of Ukraine (SBU) arrested Oleksandr Hrytsenko, the chairman of major state-owned bank Ukreximbank, on charges of creating a criminal organization, embezzlement, and money laundering.

Hrytsenko was taken into custody at the request of the Prosecutor General’s Office, SBU spokeswoman Olena Hitylanska confirmed on Nov. 16 afternoon.

Oleksandr Hrytsenko, chairman of the management board of Ukreximbank, who was arrested in Kyiv on Nov. 16. (USembassy)

Ukrainian media reported that Hrytsenko had been abducted in Kyiv while taking a walk with his child, citing the chairman’s relatives. According to the reports, unknown individuals forced Hrytsenko into a black van and took him away.

The official’s relatives appealed to law enforcement immediately following the incident. The abduction was revealed to be an SBU action shortly after.

Hitlyanska stated that the arrest was conducted in full compliance with the law, adding that Hrytsenko was taken to a temporary detention center.

Ukreximbank is one of Ukraine’s three core banks, along with PrivatBank and Oschadbank, and is 100% owned by the Cabinet of Ministers. The institution serves as the Ukrainian government’s sole financial agent on foreign loans borrowed or guaranteed by Ukraine.

Hrytsenko was appointed to chair the Ukreximbank’s managing board in August 2014.