KIEV, Jan. 19 – Serhiy Arbuzov, the new governor of the National Bank of Ukraine, postponed indefinitely his first press conference on Wednesday amid controversy over the mysterious source of his massive income in 2009.

Arbuzov, 34, reported personal income at 150.5 million hryvnias in 2009, including 150 million hryvnias from ‘dividends, interest and royalty,’ but has never identified the source.

Responding to a separate reporter inquiry, Serhiy Kruhlyk, the head of external relations department at the NBU, in a written statement on Tuesday also refused to identify the source.

He cited the article No. 32 of the constitution that prohibits releasing ‘confidential’ personal and family information on Ukrainian people without their prior consent.

The developments underscore a fundamental lack of transparency at one of the most important positions in the country that supervises the entire financial industry.

Before postponing the press conference on Wednesday, the NBU’s press service has requested reporters to submit questions they plan to ask Arbuzov to a special email address.

The request has angered journalists.

“This is unprecedented case in the history of Ukraine when the authorities demand to clear questions ahead of a regular briefing,” Yuriy Lukanov, the head of the Kiev Independent Union of Journalists, said. “This is also a dangerous precedent. It has nothing to do with the freedom of speech.”

Arbuzov is thought to be very close to the family of President Viktor Yanukovych.

Before his appointment as the governor last month, Arbuzov for years has been in charge of a small commercial bank, UkrBiznesBank, which is affiliated with Yanukovych interests.

Arbuzov owns 2.3% stake in UkrBizesBank, but the bank has never paid out any dividends in 2009, according to regulators. But even if it did, the amount paid – 150 million hryvnias – is astonishing for a small bank.

For comparison, Rinat Akhmetov, the wealthiest Ukrainian businessman, reported 7.1 million hryvnias in income from ‘dividends, interest and royalty’ in 2008 and zero in 2009 as most of his revenue had been reinvested back into his companies.

“So, the mystery of wunderkind Arbuzov was born,” Serhiy Leshchenko, an investigative reporter at Ukryainska Pravda, wrote in his blog. “How did he manage to get 150 million hryvnias in dividends at a time when he was the manager of a small bank owned by the son of Yanukovych?”

Arbuzov’s mother, Valentyna Arbuzova, is the chairwoman of the board at another small bank owned by the Yanukovych family - Vseukrayinskiy Bank Rozvytku, or VBR.

VBR, which has been aggressively expanding, planned to double its capital - to 210 million hryvnias from 110 million hryvnias – through selling 100,000 shares to an undisclosed investor.

Arbuzov is also one of few people in Ukraine that do not have a Tax ID number - an equivalent of social security number in the U.S. - which makes it impossible for the tax authorities to track his income and spending.

Arbuzov sought – and won – a Donetsk court ruling allowing him to legally skip the Tax ID Number, according to the papers submitted to Parliament. (tl/ez)