Analytical Brief on the Real Estate of Russian General Valery Kapashin

In Poltava and Poltava Oblast, 53 residential and commercial real estate assets belonging to a colonel-general of the Russian army were identified. These include apartments, office centres, restaurants, hotels, land plots and even a dam. The real estate was seized in criminal proceedings concerning the investigation of collaboration activities, assistance to the aggressor state and terrorist financing, and was transferred to the Asset Recovery and Management Agency of Ukraine (ARMA).

The case demonstrates a systemic problem with delays in transferring seized assets into management. After preliminary consultations were announced in June 2024, tenders on Prozorro were not announced for almost 10 months. As of 27 May 2026, ARMA had announced 25 tenders covering only 18 of the 53 assets. Some procedures failed due to the absence of bids, the winner’s refusal to sign the agreement, complaints or the rejection of bidders, including due to an established connection with Kapashin. Following amendments to legislation on ARMA reform, the tenders that failed will be conducted under the new procedure for transferring assets into temporary management.

We expect that under the new rules the selection of managers will become faster and more effective, and that seized assets will more promptly generate revenues in the interests of the state.

At the time this note was prepared, only 9 assets within 6 lots had been transferred into management. The manager was Voyager Plus LLC, with which agreements were concluded in July and September 2025, while the acceptance and transfer acts were signed on 1 October 2025. In 2025, the management of these assets generated UAH 2.46 million for the state budget. In January-April 2026, the amount was UAH 4.42 million. At the same time, two assets generated no revenue during this period.

Identified Problems as of 28.05.2026

• In the 13th year of the war against the Russian Federation and the 5th year of the full-scale invasion, a large number of real estate assets still belong to a general of the enemy army.
• No publications appeared on Prozorro on tenders to find a temporary manager for 10 months after the preliminary consultations were announced.
• In some cases, repeated manager selection procedures were not announced after unsuccessful tenders.
• In three cases, the manager selection procedure stopped at the stage of announcing repeated market consultations after unsuccessful tenders.
• The asset owner attempted to obtain the assets for management through legal entities connected with him.
• Competition during tender procedures was low.
• Manager selection procedures were launched for only 18 of the 53 identified assets.
• More than two years passed between the seizure of the assets and their actual transfer into temporary management.
• The management of two assets generated no revenue for the State Budget of Ukraine during 8 months from the moment of their actual transfer into management under the acceptance and transfer acts, as of early May 2026.

The 53 commercial and residential real estate assets of Russian General Valery Kapashin are located in Poltava and Poltava Oblast. The range of assets is striking: 

catering establishment, public buildings, land plots, shops, a residential house with utility buildings, office centre, hotel, hydraulic structure of pond No. 1 (dam), restaurant and bar with terrace and summer area, snack bar with summer area, apartments, retail and office building, catering enterprise with hotel premises, non-residential premises, bank branch, basement premises, residential house, apartments, garden house, parking spaces and a garage.

Valery Kapashin is a Russian colonel-general, a native of Poltava Oblast, and the head of the Federal Directorate for the Safe Storage and Destruction of Chemical Weapons under the Ministry of Industry and Trade of the Russian Federation.

The above-mentioned real estate is legally registered to Valery Kapashin’s daughter, Oksana Veryha, and to enterprises in which she is the ultimate beneficial owner: Alliance Poltava LLC, Veso LLC, Novynka-Poltava LLC, and Sherwood & Co LLC.

On 14 June 2024, ARMA announced preliminary consultations and market analysis to prepare tender documentation for tenders to select a manager for seized assets. On the same day, tenders for selecting an appraiser were announced.

However, tenders on Prozorro were not announced in 2024. This confirms the problem of the absence of clear deadlines for selecting a temporary manager for seized property under the procedure that applied at the time the tenders were announced.

As a result, the assets were not even put out to tender for transfer into temporary management for almost 10 months. The seized assets are transferred into management in separate lots, including real estate assets together with the land plots on which they are located.

The first 7 tenders for the selection of a manager were announced on Prozorro on 09.04.2025. Bidding for all these lots failed and was announced again. In May 2025, tenders were also announced for new lots.

As of 27.05.2026, a total of 25 tenders had been announced on Prozorro for the selection of managers for 18 assets (12 lots) belonging to Valery Kapashin, with a total value of UAH 1,089,865,700.

In total, 5 tenders failed due to the absence of bids. In 3 tenders, bidding failed because the winner, Stalbat LLC, refused to sign the management agreement.

In 5 tenders, ARMA rejected the bid of the winner, ZAV-Poltava LLC, due to an established connection with Kapashin and failure to confirm experience in preserving or increasing the economic value of assets. For three of the lots in these tenders, market consultations were announced on 13.08.2025. However, repeated tenders did not take place.

In addition, in one tender ARMA rejected the bids of both participants: ZAV-Poltava LLC due to the circumstances described above, and Voyager Plus LLC because the deficiencies in the tender proposal concerning confirmation of monthly revenues to the state budget from asset management were not corrected.

Only in 6 tenders was a manager selected: Voyager Plus LLC. Management agreements for 9 assets (6 lots) were concluded on 22.07.2025 and 04.09.2025.

• Voyager Plus LLC (Economic activity code 43803329)
  Registered almost 6 years ago (08.09.2020) in Poltava.
  Its main Economic activity code is 68.20, rental and operation of own or leased real estate.
  Authorized capital: UAH 420,000.
  Ultimate beneficial owners: Volodymyr Viktorovych Kryvoruchko (Ukraine), 75%, and Daria Viktorivna Kryvoruchko, 25%.

• Management Efficiency
  All assets were transferred to the manager under the acceptance and transfer acts dated 01.10.2025. In 2025, the State Budget of Ukraine received UAH 2,462,874.70 from the management of these assets. In January-April 2026, the amount was UAH 4,423,293.27.

The Main Investigation Department of the Security Service of Ukraine, under the procedural supervision of the Office of the Prosecutor General, is conducting a pre-trial investigation in criminal proceedings No. 42023000000000373 dated 09.03.2023 on signs of criminal offences under Part 4 of Article 111-1, “Collaboration Activities”, Part 1 of Article 111-2, “Assistance to the Aggressor State”, and Part 3 of Article 258-5, “Terrorist Financing”, of the Criminal Code of Ukraine.

According to available operational data, Valery Kapashin purchased a number of real estate assets in Poltava Oblast to legalize funds allegedly obtained illegally during his military service in the Armed Forces of the Russian Federation.

According to the investigation materials, to conceal these assets, Valery Kapashin registered them in the names of his daughter Oksana Veryha and his son-in-law Lev Veryha.

According to the data obtained, in 2021 Oksana and Lev Veryha allegedly acquired Russian citizenship with Valery Kapashin’s assistance. On the eve of the Russian Federation’s full-scale invasion of Ukraine, these persons left Ukraine and are currently abroad.

While remaining beneficial owners of a number of enterprises in Ukraine, these persons continue to receive income from their activities, which they may subsequently use to invest in business development in the Russian Federation and to pay taxes to the budget of the occupying country.

The above-mentioned real estate, owned by Alliance Poltava LLC, Veso LLC, Novynka-Poltava LLC and Sherwood & Co LLC (ultimate beneficial owner: Oksana Veryha, co-owner: Lev Veryha), was recognized as physical evidence by an investigator’s resolution.
Subsequently, on 16.08.2023, the investigating judge of the Shevchenkivskyi District Court of Kyiv imposed seizure on this real estate.

By the ruling of the Shevchenkivskyi District Court of Kyiv dated 28.09.2023 in case No. 761/35057/23, the above-mentioned real estate was transferred to ARMA for management.

In addition, by the ruling of the Shevchenkivskyi District Court of Kyiv dated 18.09.2023 in case No. 761/33096/23, residential real estate belonging to Oksana Veryha was transferred to ARMA for management.