Ukrainian co-owners say they will reopen seized Ocean Plaza mall in Kyiv

14 September, 05:06 PM
Ocean Plaza mall was transferred to ARMA management at the beginning of August (Photo:Oleksandr Prykhodko / Alamy via Reuters)

Ocean Plaza mall was transferred to ARMA management at the beginning of August (Photo:Oleksandr Prykhodko / Alamy via Reuters)

Ukrainian company UDP, which owns 33% of Ocean Plaza mall in Kyiv, said it could now reopen the seized property for business, directing much of the profits to the state, UDP said in a statement on Sept. 14.

Ocean Plaza has been under the management of Ukraine’s Agency for Investigation and Management of Assets (AIMA) since February, as the rest of the mall is owned by entities linked to Russian oligarchs.

“Two thirds of the company’s shares, belonging to foreign entities, are under arrest and AIMA’s management,” UDP said.

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“UDP has been restored in control of its shares by a court decision, allowing us only to start using the property again. The mall will be able to reopen and start generating profits for the state, instead of remaining loss-making asset.”

The company pointed out that the state is losing around UAH 100 million ($2.7 million) per year on keeping the mall closed. According to UDP, Ocean Plaza generated UAH 295 million ($8 million) in tax revenues in 2021.

UDP has pledged to direct the profit share of Ocean Plaza’s foreign owner to Ukraine’s national budget – two-thirds of the total profits generated by the enterprise.

“UDP support any government decision on the remaining 67% of Ocean Plaza shares, which were previously controlled by foreign entities,” the company added.

“All revenues generated by the mall remain on Ukrainian accounts; it’s impossible to transfer it abroad.”

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