Transfer of the Gulliver shopping mall to ARMA management: challenges and opportunities analysed by ILI
The Institute of Legislative Ideas continues to systematically monitor the activities of the Asset Recovery and Management Agency (ARMA). We pay particular attention to the process of managing seized assets, as the effectiveness of this process determines the return of funds to the budget and the restoration of justice.
Our research focuses on the practical aspects of transferring seized assets to management, particularly with a view to their subsequent sale. We analyse the types of assets transferred to management, typical problems that arise at different stages, and systemic factors that hinder transparent and effective management.
One of the most telling cases is the situation surrounding the Gulliver shopping and entertainment centre in Kyiv. It is one of the capital's best-known and most profitable shopping and entertainment centres, but its owners are linked to a number of criminal proceedings, including tax evasion and money laundering. In 2024, the complex was transferred to the ARMA, which is trying to find an effective manager for the asset.
As experts from the Institute of Legislative Ideas found out, the first attempt to hold an open competition ended without result: all three applications were rejected due to violations, ranging from possible links to sanctioned individuals to the provision of false information. ARMA's decisions were supported by the Antimonopoly Committee.
A new tender has now been announced, with conditions that include high guarantee payments to the budget and strict transparency requirements for candidates. It is expected that the new procedure will attract a manager capable of effectively administering the asset and ensuring stable revenues for the state.
An analytical note prepared by ILI experts highlights systemic problems related to opaque ownership, complex court procedures, and the risk of assets being concentrated again in the hands of related parties. The full version of the study is available at link.