On September 24, 2014, the National Bank of Ukraine (NBU) issued a decree declaring PJSC Green Bank insolvent. The following day, the Deposit Guarantee Fund appointed a temporary administration. The NBU made this decision because over the past two years, Green Bank had processed UAH 20 billion in illegal funds. According to the Prosecutor General's Office (PGO), this money was illegally laundered by the Yanukovych "family," led by former Revenue Minister Oleksandr Klymenko. Specifically, in late June 2014, the PGO established that PJSC Green Bank "has been, or is still being, illegally used to convert non-cash funds into cash and use them in illegal schemes."
Klymenko himself categorically denied any connection to Green Bank at the time. According to the publication "DS," Green Bank was affiliated with the Donetsk company UkrMet, which became a leading operator in the scrap metal market under Yanukovych. The company's de facto owner was Viktor Yanukovych Jr.'s classmate, Andriy Kiselev, a current Verkhovna Rada deputy from the Opposition Bloc, whom some media outlets have called Klymenko's godfather. Rumor has it that Klymenko may have overseen the "conversion" activities at the notorious financial institution, which underwent a change of power in the fall at the behest of the NBU.
On February 9, 2015, the Kyiv District Administrative Court overturned the NBU's decision to classify Green Bank as insolvent the previous year. According to some media reports, Klymenko and Kiselev were behind the lobbying of the Kyiv District Administrative Court's decision regarding Green Bank. Now the ball is in the court of the Kyiv Appellate Administrative Court, which will hear the NBU's appeal of the Green Bank closure case.
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