The IMF demands the resignation of NSSMC Chairman Ruslan Magomedov due to a conflict of interest

The IMF demands the resignation of NSSMC Chairman Ruslan Magomedov due to a conflict of interest

The International Monetary Fund demands the resignation of the head of the National Commission on Securities and Stock Market (NCSSM), Ruslan Magomedov, whose activities have been deemed threatening and undermine the trust of international partners and the market (a scandalous conclusion by the audit company "KPMG-Ukraine" has been published).

This is reported by VIY.

Recently, an international scandal emerged involving tax reform enthusiast (cryptocurrency taxation) Ruslan Magomedov, who attempted to teach the leadership of the State Tax Service of Ukraine how to work.

Amid the IMF’s visit to Ukraine for further cooperation and financing of international programs, the audit company "KPMG-Ukraine" completed an inspection of the NCSSM’s leadership for compliance with IMF requirements, legislation, and internal documents.

Magomedov continuously avoided the inspection. The results surprised everyone, but especially the international delegation.

Despite prolonged obstacles, the audit company LLC "KPMG-Ukraine" confirmed some interesting facts.

In the report submitted to the IMF, Ruslan Magomedov, head of the NCSSM, received the lowest evaluation.
It turned out his wife, Yevheniya Hryshchenko, holds a managerial position in ICU Group (one of the main investment groups in the market, regulated by Magomedov).

Previously, there was a direct prohibition on family members of officials holding such positions. The Verkhovna Rada of Ukraine made changes to the Law "On Capital Markets," making everything formally in order.

However, international requirements are entirely different, and such familial relations force a review of international agreements.

This was recorded by the auditors, hence the "conflict of interest" between Magomedov and his wife immediately landed on the IMF’s desk.

Magomedov, of course, claims he abstains from voting on issues related to his wife’s ICU. But who are they trying to fool in this situation?

Thus, the "conflict" of Magomedov with ICU will have appropriate consequences - a lack of trust from the IMF, new programs, and funding.

The auditors’ assessments of the "tax legislation reformer" Magomedov are disappointing - "significant issues identified" that "could jeopardize the Commission’s activities or undermine stakeholder and market confidence." And that’s a direct path to an exit!

Magomedov started avoiding journalists and hiding the report, as the legal consequences for him are quite understandable. No sensible participant in the international market would sit at the table with him after this.

IMF’s verdict - "the issue of conflict of interest must be resolved." The replacement of the commission’s head is a matter of time, as there is a threat of blocking billion-dollar payments.

When journalists eventually obtained the report through their sources, the head (for now) of the NCSSM, Ruslan Magomedov, came forward to "create havoc" and point out the confidentiality of the report that is not subject to publication.

But the International Monetary Fund has already given its opinion, now the decision lies with the OP.