Ukraine is waging a long-lasting war with pro-Russian separatists on the East, industrial decline and heavy losses from the negative conjuncture of the traditional export goods. It’s economic is ravaged by war, loss of the huge Russian market and somewhat unfair trade relationship with the European Union. Right now its economic heartbeat is supported by the IMF, World Bank and a lot of other institutions. Banking crisis is virtually lasting from the year 2008. Since 2014 it has only intensified. However the major threat to the Ukrainian economic lies within. It is a corruption which seems to be invincible and independent of every new president and government in charge. But every crime has a person behind it and the lack of punishment is what making a corrupt system going. Kyrylo Shevchenko is being investigated by the Security Service of Ukraine (SSU), the nation’s anti-spy, serious fraud and one of the anti-corruption agencies. He is suspected in series of premeditated bankruptcies, money laundering and frauds. His proxy, Oleksandr Dubrovin is investigated under the same case and several others. In the same time, according to the reliable sources, Kyrylo Shevchenko will be appointed as a chairman of the state-run National Bank of Ukraine. His accomplice, Oleksandr Dubrovin will became a chairman of the “Ukrgazbank”, one of the important second-tier banks of the country. This is the what makes the corruption permanent: instead of the criminal prosecution both will be promoted to the highest ranks. Kyrylo Shevchenko began his corrupt career in 2006. He was appointed as the head of State Mortgage Institution. In 2009 he was the adviser of then-prime minister Yulia Timoshenko. In 2010 he acquired “Terra Bank” and led it to insolvency while draining the assets of the bank. Kyrylo Shevchenko and the Meinl Bank AG affair Criminal case #52016000000000119 is opened by SSU to investigate the alleged banking fraud. It was done in 2011-2014 by depositing Terra Bank’s funds at correspondent’s accounts of the infamous Meinl Bank AG. Terra Bank has been drained of $40,393,000. Criminal case #12015040220000368 is initiated by SSU to investigate the theft allegation of the senior managing officers of Pivdencombank and Terra Bank. 4 billions hryvnyas (~500 million USD as by the rate) were stolen. Senior managers gave loans to the own companies. Banks collapsed due to the insolvency and asked for emergency loans from the National Bank of Ukraine. Terra bank and Pivdencombank got the loan… and laundered it away. Authorities can’t track the fate of 180 millions taken of the emergency line. That is the criminal case #42016000000003053. In the late 2014 Kyrylo Shevchenko and his accomplices decide to reshuffle the Terra bank into the Crystal Bank. The move was made to protect the own capitals of Shevchenko and Vadim Kopylov in Terra bank from being confiscated. The new owner, M. Lening, is a wife of Vadim Kopylov, then vice-minister of economic development and trade. Crystal bank in which Kyrylo Shevchenko owned a significant share is involved in two other criminal investigations: #12015100070001990 and #42016000000001331. The first one is about the Kiev Jewelry Factory’s asset theft while the second is about money laundering through the use of fictional companies. It is only beginning though. The real dawn of the Kyrylo Shevchenko career is beginning with his appointment as a chairman of Ukrgazbank. As a chairman he is being allegedly involved in selling the of the Creative holding debt for one half of the price. The debt total is $95,700,000. The huge discount is considered suspicious. In a separate case Ukrgazbank acquired “Kiev” bank and requested the state bailout. The bailout was twice as more expensive could the state just dissolved the bank completely. After acquirement of Kiev Bank the Ukrgazbank has originated a series of seemingly strange transactions. It sold Kiev Bank debts to the Credit Garant company which was created just for the case. The loan portfolio of Ukrgazbank has been deteriorating ever since Kyrylo Shevchenko has been appointed as chairman. The bank has purchased seemingly overpriced goods. It spend 240 millions hryvnias on processing center. Meanwhile the new one is priced as low as 75 millions. Suspicious deals on the bank-owned realty and suspicious service contracts add to the case. Inter-banking operations between Ukrgazbank and Crystal Bank (still in partial ownership of Kyrylo Shevchenko) are also a good starting point for further investigation. Ukgazbank dispensed cars, computers, furniture and commercial realty among the statesmen, including the police, for free. Oleksandr Dubrovin instead of Kyrylo Shevchenko: a lesser evil? As a part of the plan to appoint Kyrylo Shevchenko as a chairman of the National Bank of Ukraine the substitute for the Ukrgazbank chairman should be found. Oleksandr Dubrovin is as for now the vice-chairman of Ukrgazbank and the chairman of one of the committees of the same bank. He is an old pal of Kyrylo Shevchenko. They had business with each other from the State Mortgage Institution. Oleksandr Dubrovin is widely considered a right hand of Kyrylo Shevchenko. He will be appointed as a chairman of Ukrgazbank. Gennady Helemskyi, one of the senior managers of Ukrgazbank is, according to the sources, a candidate for the chairman of the Oshadbank, another tier two major bank. Gennady Helemskyi was also spotted in suspicious affairs. He and Alexande Shepelev drained assets from the Rodovid Bank in 2010-2011. He as well as Oleksandr Dubrovin is subject of several criminal investigations. Ukreximbank will go under Evgeny Metsger command. He is also one of the leaders of Ukrgazbank. His wife is a member of the supervisory council of Privat Bank. As a result of planed appointments Kyrylo Shevchenko will literary own the entire Ukrainian banking system. His accomplices – Oleksandr Dubrovin, Gennady Helemskyi, Evgeny Metsger will be no more than socket puppets as Kyrylo Shevchenko knows of their criminal activities. This prospect the entire new level in the state run corruptions and it should be primary concern for those who bails out Ukraine.