Analysts from the Institute of Legislative Ideas have identified numerous shortcomings and risks in the sale of 494 land plots in Zakarpattia

The decision by the Asset Recovery and Management Agency (ARMA) to cancel the sale agreement for 460 hectares of land on the Borzhava meadow in Zakarpattia region to companies linked to Serhiy Lyovochkin and Vladyslav Kaskiv has exposed systemic problems in the disposal of these assets. This is stated in a study by the Institute of Legislative Ideas.

“Among the key problems are: the lengthy period (15 months) spent attempting to sell the asset; lack of interest from potential buyers, which led to nine failed auctions; a significant drop in the asset’s value due to multiple repeated auctions; and the participation in the bidding of individuals affiliated with the previous owners,” ILI experts noted.

In particular, they highlight the price at which the land plots were sold during the ninth auction on January 8, 2026. Despite an initial independent valuation of more than UAH 1.06 billion, the sale became possible only after repeated reductions of the starting price to nearly UAH 80 million.

“This situation is the result not only of limited demand, but also of the specifics of the current procedure for the sale of seized assets, which provides for gradual price reductions of lots if buyers are not found,” the analysts explained.

ILI warns that the cancellation of the land sale agreement and a repeated auction will further delay the disposal of the plots and will most likely affect their value. Experts also stress the need for the Government to regulate the issue of participation in auctions by former asset owners.

“The Cabinet of Ministers should amend the asset disposal procedure to prevent persons affiliated with the owner from winning auctions, if such affiliation is proven,” ILI stated.