On April 9, the WACS granted the prosecutor's motion for special court proceedings — that is, hearing the case without the presence of the accused — regarding three key figures in the VAB Bank case: former owner Oleg Bakhmatyuk, ex-chairman of the board Denis Maltsev, and former head of the supervisory board Natalia Vasylyuk — Bakhmatyuk's sister. The decision became known from a live broadcast of the hearing.

What they are accused of

According to NABU and SAP, in October 2014, VAB Bank, which already had serious liquidity problems, turned to the National Bank for a stabilization loan. The bank received 1.2 billion hryvnias secured by real estate — but, as the investigation found, the real value of this property was only 72.62 million hryvnias. In other words, the collateral covered less than 6% of the loan amount.

In addition to the undervalued collateral, the bank, according to the investigation, did not provide required documents — in particular, a financial recovery program. Despite this, the NBU's board issued the loan. According to detectives' version, VAB management and NBU officials acted in collusion: in October 2014 alone, Bakhmatyuk, Maltsev, and Vasylyuk made at least five separate visits to the central office of the regulator on Instytutska Street.

"A month before VAB Bank's bankruptcy, it received 1.2 billion hryvnias secured by real estate valued at 72.62 million hryvnias"

Version of the charges, NABU/SAP

According to the investigation, the stabilization loan funds were subsequently withdrawn from the bank — including through shell companies. Within 40 days of receiving the money from the NBU, VAB was declared insolvent, with temporary administration introduced in November 2014, and in March 2015 — its license was revoked and the bank was liquidated.

Why the case proceeded to proceedings in absentia

Bakhmatyuk and Vasylyuk were declared wanted in November 2019 — at the time of investigative actions, both were abroad. Maltsev was also declared wanted. NABU and SAP directed the main indictment to WACS regarding 15 other figures — including former First Deputy Chairman of the NBU Alexander Pisaruk, member of the NBU board Mykola Kalenskyi, director of the Banking Supervision Department Alla Shulha, and others. Proceedings against Bakhmatyuk, Maltsev, and Vasylyuk were separated and suspended due to their being wanted.

In March 2025, the Vienna Regional Court refused the Office of the Prosecutor General's request for Bakhmatyuk's extradition to Ukraine — calling the request "inadmissible." Bakhmatyuk himself interpreted this as confirmation of the groundlessness of the case. It was only after the Austrian refusal that prosecutors resorted to the in absentia mechanism — special proceedings that the Criminal Procedure Code of Ukraine allows when a suspect is in hiding and declared in international wanted status.

What's next

WACS' permission for proceedings in absentia is a procedural, not a sentencing step. The court merely confirmed that the case can be heard without the defendants present. Ahead lies the actual trial on the merits: examination of evidence, witness testimony, defense arguments. A verdict, if issued, will have legal force, but can only be practically enforced if the convicted are apprehended.

In parallel, Zelensky during a June 2025 visit to Vienna publicly called on the Austrian side to cooperate in returning Ukrainian oligarchs who "use Europe as a hideout." Bakhmatyuk is at the top of this list.

If WACS issues a guilty verdict in absentia — will it be sufficient grounds for a new Austrian extradition request, or will Vienna again reject it as "inadmissible"?