ARMA blocks candidate for management of Gulliver shopping center for the second time due to ties to former owner
24 June 2025 16:52
The National Agency for Asset Recovery and Management (ARMA) has rejected BC Millennium LLC from the tender for the management of the seized Gulliver shopping and entertainment center in Kyiv for the second time, "Komersant Ukrainian" reports.
According to the head of the ARMA, Olena Duma, significant violations were found during the inspection of the tender documents that do not allow the company to manage the asset. In particular, the ties between the participant and the former owner of the mall, Viktor Polishchuk, were established.
This is not the first attempt of BC Millennium to participate in the tender: its candidacy was rejected during the preliminary selection.
ARMA is currently continuing to check other applicants – private enterprise “Limex Express Kyiv” and LLC “Alakor City”.
Context and next steps:
ARMA insists on bona fide candidates with no ties to Russia or the former owner.
The mall is valued at about UAH 7.6 billion, and the manager must transfer more than 70% of its profits to the state budget every month (at least ₴17 million/month).
If the agency still fails to find a defendant, it will announce a third tender.
Why is this important?
Transparency and integrity: Strict control over ties to former owners and Russian residents is emphasized.
Restoration of the asset to the state budget: proper management can bring millions of hryvnias in stable revenues.
The status of the tender: due to dysfunctional tenders, the transfer of management is delayed for a long time.
