ABH Holdings SA (ABHH), which owned Sense Bank (Kyiv) before its nationalization, in connection with press reports about the potential privatization and transfer of the bank to a third-party investor, says that it will consider any such transfer as the sale of stolen property.

"ABHH unequivocally warns potential buyers or recipients of Sense Bank or its assets that we intend to bring the full weight of the law against any such parties, treating them as purchasers of stolen goods. Legal actions will be pursued in any appropriate jurisdiction," the report says.

As reported, on December 29, 2023, ABHH filed a request with the International Center for Settlement of Investment Disputes (ICSID) for arbitration and a claim against Ukraine in excess of $1 billion, demanding full compensation.

In commenting on the progress of the proceedings, ABHH noted the Ministry of Justice's response to this request as a recent positive development.

"In a recent and positive development, we acknowledge the Ukrainian Ministry of Justice’s response to our request. Their expressed willingness to cooperate in forming the arbitral tribunal and advancing the case is a hopeful sign of their adherence to the international rule of law," they said.

In terms of assets (about 3.4% of the assets of the entire banking system - UAH 96.637 billion), Sense Bank ranked 11th among 65 operating banks in Ukraine as of mid-2023. It was nationalized in July 2023 under a specially adopted law as a systemically important bank with majority shareholders from Alfa Group, who were subject to sanctions.

In June 2023, ABHH announced that it had reached an agreement to sell a package of 75.6% of Sense Bank shares to an international investor for $1, but at the end of September, after nationalization, it announced the initiation of international arbitration.