The National Agency of Ukraine for the Detection and Management of Assets (ARMA) continues its active work on assessing seized property and selecting management companies. Currently, the agency has announced a competition for the management of real estate previously owned by the sanctioned oligarch Konstantin Zhevago.
This is reported by Finway
Selection of managers based on transparent criteria
As part of the reform, ARMA conducts all competitive procedures based on clearly defined criteria and transparent mechanisms aimed at minimizing corruption risks and creating competitive conditions for potential managers. The evaluation system for managers and control over asset management results ensure the effective use of seized property.
“As part of the reform, ARMA conducts all procedures based on clear criteria for evaluating managers, using transparent competitive mechanisms and a system for controlling asset management results. Such approaches minimize corruption risks and create competitive selection conditions.”
The subject of the competition is real estate owned by LLC “SKN ‘Modern Commercial Real Estate'”. In addition, the agency is taking measures to change the manager of the business center “KRYSTAL” — one of the seized assets of LLC “Huta-St glass”, which belonged to Russian citizens Viktor Vinogradov and Andriy Ippolitov, who are subject to sanctions according to the decision of the National Security and Defense Council of Ukraine.
Asset management practices for sanctioned individuals
The press service emphasizes that Ukraine is developing practices for managing the assets of individuals who are subject to sanctions in the context of war and economic pressure. ARMA stresses that seized assets related to Russian capital must work for the benefit of the Ukrainian economy and state.
It is worth noting that in December 2022, at the request of the State Bureau of Investigation, French law enforcement detained Konstantin Zhevago at the resort of Courchevel. The investigation accuses him and top managers of the bank “Finance and Credit” of embezzling 113 million dollars.
In January 2023, a court in the French city of Chambéry ordered Zhevago’s release on bail of 1 million euros pending the hearing of the extradition case to Ukraine, but in March 2023, the Ukrainian side’s request for his extradition was rejected.
In November 2023, the State Bureau of Investigation announced suspicion against one of the managers of the bank “Finance and Credit” for embezzling over 560 million hryvnias. In May 2024, the State Bureau of Investigation reported a new suspicion against the former owner of the bank Konstantin Zhevago and three of his accomplices for embezzling 519 million hryvnias.