460 hectares in the Carpathians for a song: how ARMA sold land to Lyovochkin and what Olena Duma says about pressure from the SAP
22 June 20:09
ANALYSIS FROM 
The sale of 460 hectares of land on the Borzhava Plateau in Zakarpattia Oblast for 89 million hryvnias was one of ARMA’s most high-profile auctions. The asset, previously valued at 1.8 billion hryvnias, was sold in January 2026 to entities linked to Serhiy Lyovochkin’s family. Following a wave of journalistic investigations, ARMA refused to sign off on the auction results, and the agency’s former head, Olena Duma, claimed she faced pressure from prosecutors at the Specialized Anti-Corruption Prosecutor’s Office (SAPO) while attempting to sell the land at market value. Details of this convoluted story can be found in the article
ARMA and the Sale
On January 8, 2026, the Agency for the Search and Management of Assets (ARMA) sold 460 hectares of land on the Borzhava Plateau in Zakarpattia Oblast through the Prozorro.Sales system. The total value of the transactions amounted to 89.5 million UAH.
This involved three land lots that were put up for sale simultaneously and sold via a so-called “Dutch auction”—a format in which the starting price is gradually reduced until the first bidder agrees to purchase.
Since there was only one bidder in each auction, the properties were effectively sold at the lowest possible price.
Specifically:
- a 26.7-hectare plot was sold for 5.4 million UAH (starting price: 10.4 million UAH),
- a 199.1-hectare plot was sold for 39.1 million UAH (starting price: 75.2 million UAH),
- a 234.7-hectare plot was sold for 45 million UAH (starting price: 88.2 million UAH).
The average price per 100 square meters was approximately 2,000 UAH, which is far too low and in no way reflects the market value of the asset.
Who Is the Buyer?
Following this news from ARMA, the media erupted with investigations. Journalists reported that the land plots were sold for a song to associates of former Presidential Office Head Serhiy Lyovochkin.
For example, Andriy Vingranovsky purchased a plot of 26.7366 hectares for 5.4 million UAH. He also became the owner of 199.1488 hectares after paying 39.1 million UAH. Ihor Vlasyuk purchased a plot of 234.77 hectares for 45 million hryvnias .
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According to OpenDatabot, Vingranovsky is the owner of Ombrie Investment LLC, which is part of the “Levochkin family corporate group.” He is also the husband of Yulia Levochkina.
Meanwhile, Vlasyuk is the founder of“Borzhava Eset” LLC, with Vingranovsky listed as its ultimate beneficial owner.
The actual value of the asset
According to ARMA—based on various estimates, since the Agency managed to hold several auctions during the series of unsuccessful attempts—the value of the 460 hectares of land in the Carpathians was initially 1.8 billion UAH. According to the next estimate, it was 1.2 billion UAH. And according to ARMA’s latest statements, it was expected to bring the state over 1 billion UAH.
ARMA Changed Its Mind
After the auction results were announced, ARMA initially issued a statement saying that it had begun a thorough review of the auction winners. But on February 8, 2026, the agency reported:
“The Asset Recovery and Management Agency has decided to refuse to sign the protocol on the results of the electronic auction for the sale of 460 hectares of land on the Borzhava Plateau in Zakarpattia Oblast,” the ARMA website states.
Among the reasons for rejecting the deal, ARMA cited “receipt of information indicating signs of connectedness, which, according to international asset recovery standards, are considered unacceptable because they may create a risk that the asset could effectively return to the control of its former owners.”
In addition, ARMA sent official requests to the National Anti-Corruption Bureau of Ukraine and the Specialized Anti-Corruption Prosecutor’s Office to obtain a procedural assessment of the established connection.
SAP Agreement
The story surrounding the land in Borzhava traces its origins to the text of a plea agreement that the SAP concluded with the defendants in the NABU proceedings.
This refers to consolidated criminal proceedings No. 22013000000000287 dated November 25, 2013, and No. 42018000000000300 dated February 12, 2018.
Ten years of investigations by NABU and the SAP culminated in a July 5, 2024, ruling by the High Anti-Corruption Court (VAKS), in which the court approved the plea agreements between the SAP prosecutor and the defendants:
- five were ordered to pay fines (two at 850,000 UAH each, one at 400,000 UAH, and two at 200,000 UAH each), and one was placed on probation;
- all were ordered to reimburse the state budget for losses totaling 259.2 million UAH.
In addition, the defendants transferred real estate worth 280 млн грн to the state and donated 13.1 млн грн tothe Armed Forces of Ukraine, according to attorney Andriy Potemkin.
“Lower the Price”: Behind the Scenes of the SAPO Deal
Former ARMA Chair Olena Duma, in a recent episode of her YouTubechannel, she spoke candidly about the “behind-the-scenes” process of transferring the Borzhava land plots to the Agency, as well as how ARMA “felt pressure” from the SAPO during attempts to sell these assets at market prices.
Olena Duma
According to Duma, nearly 500 hectares of land at the “Borzhava” ski resort were transferred to ARMA as part of a plea agreement. And the owner of this land—a figure in a NABU case—allegedly voluntarily transferred it to the state for sale.
“These land plots were voluntarily transferred as part of an agreement with the investigation. There was a notarized authorization for their sale. This is the ‘Borzhava’ ski resort,” Duma said, noting that she was not allowed to review the actual text of the agreement between the individuals involved and the Specialized Anti-Corruption Prosecutor’s Office (SAPO).
She claims that following an appraisal, the market value of the asset was approximately 1.8 billion hryvnias. However, even after several auction attempts, it was not possible to find a buyer at that price during the war.
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Furthermore, the law allowed for the use of the so-called “Dutch auction” mechanism, with a gradual reduction in price. However, according to Duma, it was precisely at this stage that she began receiving signals from representatives of the Specialized Anti-Corruption Prosecutor’s Office.
The former head of ARMA claims that a SAPO prosecutor called a department within the Agency and insisted on lowering the starting price of the land plots.
“The SAPO prosecutor actually called a specific department at ARMA and initially sent signals for us to lower the price. I was briefed on this. And with particular cynicism, I asked him for a written letter requesting this. Of course, there was none,” Duma said.
According to her, the agency subsequently began receiving “warnings and threats.”
“Then they started threatening us. The threats were along the lines that if we didn’t lower the price and didn’t allow them to effectively implement the terms of the agreement (with the SAP) they had reached, certain measures would be taken against us. This included talk of possible criminal cases being opened,” she claims.
Duma states that she refused to approve the sale of the land at an undervalued price and canceled the tender. After a re-evaluation of the asset, its market price was set at 1.2 billion hryvnias; however, she says, the second tender also did not take place.
What outraged the former ARMA head the most was what happened after her dismissal. Specifically, that ARMA—under its new head—sold the asset for 89 million hryvnias.
“Let’s see who bought it? Supporters of Lyovochin, Kaskiiv, and Yanukovych—people who are, in fact, linked to those accused (by NABU) of committing a criminal offense,” Duma concluded.
As of August 13, 2025, by government decree, Yaroslava Maksymenkois the acting head of ARMA.
The story continues
Since the Borzhava land plots are still under ARMA’s management, it’s likely that another appraisal and another auction could take place soon. But that’s not a certainty.
After all, buyers who want to purchase the land for 89 million hryvnias have already actively joined the legal battle against ARMA.
In particular, one of the auction winners, Andriy Vingranovsky, has already filed a lawsuit with the Kyiv District Administrative Court (Case No. 320/11196/26), in which he demands that ARMA’s inaction be declared unlawful, that ARMA be compelled to sign the protocols, that the security deposits (over 34 million hryvnias) be returned, and that damages be compensated.
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Thus, the story of the Borzhava lands remains unresolved. The asset, valued at over 1 billion UAH, has not formally changed hands, and the legality of the auction’s cancellation will now also be reviewed by the court. At the same time, public statements by the former head of ARMA regarding possible pressure from SAPO prosecutors are adding even more attention to the conflict…
Editorial Staff
