The ILI team analyzed the ARMA`s competitive using the example of the Gulliver Shopping Center

The transfer of the Gulliver shopping and entertainment center to the management of the Asset Recovery and Management Agency (ARMA) has revealed a number of issues within the current system of state management of seized assets. This is stated in an analytical report by the Institute of Legislative Ideas.

Experts noted that the competitive selection process for a manager lasted nearly a year and was accompanied by numerous obstacles.

«The situation with the Gulliver mall exposed the difficulties of applying existing public procurement procedures to select managers of seized assets. Prolonged competitions, a high number of appeals, and the potential affiliation of certain participants with the asset owners indicate the need to improve management mechanisms», – the ILI stated.

Analysts emphasized that the lengthy selection process affected the efficiency of asset management. As a result, delays in selecting managers have financial consequences for the state budget, since the government spends significant funds on competitive procedures while seized assets fail to generate revenue.

At the same time, ILI noted that on January 30, 2026, amendments to the ARMA law will take effect, introducing a new procedure for selecting managers of seized assets. Experts expect that the updated legislation will make the process more transparent and efficient.

In October 2025, ARMA canceled the competition for managing the Gulliver mall after the complex became the property of Oschadbank (80%) and Ukreximbank (20%). The first competition lasted from October 2024 to March 2025 and ended without a winner. The second one, held from April to August 2025, was also not implemented: although Lymex Express Kyiv LLC was announced as the winner, the management contract was never signed.