The study reveals a fivefold increase in competition activity in 2025 but highlights systemic issues in asset management

The Institute of Legislative Ideas (ILI) has analyzed the first 100+ assets listed by the Asset Recovery and Management Agency (ARMA) through the Prozorro.Sales system to assess the real state of competitive procedures and evaluate how the current asset management mechanism functions.

The findings show that after procedural updates, ARMA became significantly more active — in 2025, the number of competitions increased nearly fivefold, from 33 in 2024 to 172 in 2025. While this indicates progress in organizing processes, the quantitative growth has not yet translated into consistent results.

Key findings include:

• only 33 out of 103 assets resulted in signed management agreements;

• 41 competitions ended without a result;

• 29 competitions are still ongoing;

• half of the assets (50 out of 103) were re-listed — in some cases 3–5 times, with one case reaching 12 re-announcements for a single asset;

• 24 competitions received no bids at all, indicating low attractiveness of some assets and a limited pool of potential managers.

These results point to structural challenges such as the complexity of assets, non-transparent valuation practices, uneven competition among managers, and insufficient incentives for businesses to participate.
Some cases also revealed issues with the effectiveness of existing management contracts, as several had to be revised or re-tendered due to poor performance.

ILI continues to systematically monitor ARMA reform and its impact on restoring economic justice.
The current study examines not only statistical indicators but also the dynamics of the management market, asset types, legal challenges, and practical implications for the state.

See the infographic below for key details. The full analytical report is available via the link.