ARMA announced a new tender to select an asset manager for IDS Ukraine: here’s how the company responded
13 July 16:06
The National Agency for the Identification, Tracing, and Management of Assets Derived from Corruption and Other Crimes (ARMA) has announced the second stage of the selection process for a manager of the corporate rights of the IDS Ukraine group of companies, which includes the mineral water producers “Morshynska,” “Mirgorodska,” and “Alaska,” according to the agency’s website, as reported by "Komersant Ukrainian".
“Participants who meet the established qualification requirements are invited to apply: have proven experience in managing assets or enterprises, sufficient financial capacity, an impeccable business reputation, and the ability to ensure effective management of the strategic asset in order to preserve its economic value during the period of asset seizure,” the announcement states.
It is noted that the submission of bids via the Prozorro electronic system will continue until 12:00 a.m. on August 22, 2026.
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IDS Ukraine’s assets, linked to Russian oligarch Mikhail Fridman—who is subject to sanctions by Ukraine, the United States, the European Union, the United Kingdom, and others—have been transferred to ARMA’s management pursuant to a court decision.
The previous tender, held on May 18, 2026, did not take place because only one bid had been submitted by the deadline for document submission (June 26).
The subject of the procurement includes corporate rights to several companies within the group, specifically, over 2,045,145 shares of PrJSC “Mirgorod Mineral Water Plant” (with a par value of 21.47 million UAH), 100% of the authorized capital of LLC “Potuzhnost” from PJSC “Morshyn Mineral Water Plant ‘Oscar’” (16.18 million UAH), as well as stakes in LLC “IDS Aqua Service” (990 thousand UAH), PJSC “Industrial and Distribution Systems” (4.5 million UAH), the Cypriot company International Distribution Systems Limited (8.8 million UAH), “IVA” Private Enterprise and “Nova.com” State Enterprise (1.5 million UAH), located in the temporarily occupied territory in Hola Prystan.
IDS Ukraine Responded
The IDS Ukraine press office stated that the preliminary selection process failed to attract investor interest due to high legal and financial risks under ARMA regulations, specifically, the requirement to withdraw over 2.2 billion UAH in undistributed profits from the company to purchase government bonds, which threatens a technical default, and the imposition of full financial liability for the enterprise under occupation on the private administrator. The company claims that the previous competitive selection processes did not take place due to errors and procedural shortcomings during their organization.
The company considers the new competition to be premature
“The Agency for Asset Tracing and Management has announced the fourth tender to select a manager for the corporate rights of IDS Ukraine. Our company’s position on this process remains unchanged: we operate exclusively within the legal framework of Ukraine and will unconditionally comply with all lawful requests, requirements, and procedures provided for by current legislation. At the same time, we consider it necessary to remind that the time and resources spent on conducting the tender may prove to be in vain, since in a few months the High Anti-Corruption Court is expected to make a decision regarding the nationalization of the shares held by sanctioned shareholders,” the company’s website states.
Furthermore, as stated in the IDS Ukraine press release, ARMA lacks the necessary authority to conduct the tender under Article 18-1 of the relevant law and has not carried out the mandatory identification of assets.
“IDS Ukraine’s management has repeatedly submitted specific proposals to ARMA aimed at maintaining business stability, which the company’s leadership has consistently followed throughout the years of full-scale war. However, none of these important requirements were ever included in the Indicative Management Plan; all proposals were ignored,” the group of companies stated in its announcement.
IDS Ukraine emphasized that the proposals were not included in the Indicative Management Plan. The company is demanding that the following criteria be included in the plan: a ban on the disposal and write-off of fixed assets; a ban on staff reductions during the first six months; a guarantee that tax revenues will not fall below 2025 levels; annual salary increases in line with inflation, continued payments to mobilized employees and assistance to the families of those killed, as well as maintaining the group’s market share at no less than 40% and protecting trade secrets.
Previous Auctions
IDS Ukraine’s corporate rights, industrial designs, and trademarks have been under ARMA’s management since the fall of 2022, pursuant to a court ruling. The administrator for “Carpathian Mineral Waters,” who was initially selected in April 2023, never took over the assets, and the agreement was terminated in March 2025. Another tender was announced on November 28, 2025, with applications accepted until December 12; however, its terms were criticized by potential participants (Geological Investment Group LLC, “Verkhivtsivsky Oil Extraction Plant” LLC, and sole proprietor Vsevolod Bilas), who filed complaints with the Antimonopoly Committee regarding discriminatory restrictions.
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