Ukraine to nationalize Kyiv’s Ocean Plaza from Russian stakeholders

20 March, 03:11 PM
Kyiv’s Ocean Plaza (Photo:Ocean Plaza / Facebook)

Kyiv’s Ocean Plaza (Photo:Ocean Plaza / Facebook)

The highest anti-corruption court has approved the seizure of the Ocean Plaza shopping center in Kyiv from Russian oligarch Arkady Rotenberg, a close friend of Russian dictator Vladimir Putin. 

The court ruling, issued on March 20, permits the confiscation of the company that owns two-thirds of the shopping center from Rotenberg and his associates, according to a post on the website of the Ministry of Justice of Ukraine.

The decision has not yet taken effect as the defendants have the right of appeal in the Court of Appeals.

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"The decision will come into force in 10 days if the defendant does not appeal it. But they have no chance of success. The property of Putin's close friend will become the property of the state and will be transferred to the management of the State Property Fund," said David Arakhamiya, head of the Servant of the People parliamentary faction.

The defendants in the lawsuit include Russian oligarch Arkady Rotenberg, his son Igor Rotenberg, and business partners Oleksandr Skorobohatko and Oleksandr Ponomarenko.

Ukraine’s Ministry of Justice requested the confiscation of these individuals' assets for the state's benefit, including shares in following companies related to the shopping center:

• 100% shares of the authorized capital of Avangard-Vilarti LLC, registered in Cyprus Ocean Plaza Project (Cyprus) Ethoder Investments Limited;

• 66.65% share of the authorized capital of Lybid Investment Union LLC.

Ocean Plaza is one of the largest shopping and entertainment centers in Kyiv and Ukraine.

The shopping center is home to 80 contracting organizations and 395 tenants, featuring many Ukrainian and international chain brands, including LC Waikiki, Foxtrot, Comfy, Vitto Rossi, Benetton, and Colin’s.

Arakhamiya announced the confiscation of Ocean Plaza shares from the Rotenberg brothers at the end of February 2023.

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