The operations of the financial service market players will be largely unaffected by the scandal over the arrest of the head of the state commission for financial service markets regulation of Ukraine, Vasyl Volha, according to a business analyst from Kyiv-based FinCom Invest Ltd., Roman Bublik.
"This is a first case when a large-scale scandal was kindled around the head of the regulator of non-bank financial institutions. The fact that criminal [case] was started when the official was running the post and not when he was dismissed from the post, as usually happens, [simply] adds spice to the situation," he said.
The expert also said that organizations that are under control of the commission, including insurance companies, should not worry.
"The scandal is provoking a certain amount of turmoil, but in a couple of days the dust will settle and work will return to its normal course. The non-banking service market has to wait for only one thing – the appointment of a new head. The events will influence business only in unofficial discussions," Bublik said.
He said he did not rule out that after the appointment of a new head of the commission, the rules on the market would change slightly.
As reported, referring to Acting Ukrainian Prosecutor General Renat Kuzmin that Head of the State Commission for the Regulation of Financial Services Markets of Ukraine Vasyl Volha had been detained on suspicion of accepting a $500,000 bribe under Part 3, Article 368 of the Criminal Code.
