ARMA stops search for manager of Gulliver shopping center: what is known
13 October 2025 14:59
The Asset Recovery and Management Agency(ARMA) has terminated the Prozorro tender to find a manager for the seized Gulliver shopping center, one of Kyiv’s largest shopping and office complexes, "Komersant Ukrainian" reports.
The decision was explained by the fact that the dispute over ownership was actually resolved in the courts, and the stake in the mall belongs to a state-owned creditor bank, not to persons associated with Viktor Yanukovych.
“ARMA operates within the law and court decisions. The agency does not interfere in property disputes, but ensures transparency and legitimacy of management of seized assets,” the agency said.
How Gulliver came under ARMA’s control
In 2017, the Gulliver shopping mall was transferred to the ARMA as part of the case of illegal possession of funds of state-owned banks, in which Viktor Yanukovych and his entourage were involved.
The goal was to preserve the asset until the final court decision.
Since then, the agency has repeatedly tried to find a manager, but all tenders have been accompanied by legal disputes and complaints from participants.
How the events developed
January 2025: Prozorro held an auction with three bidders – BC Millennium, Alacor City, and the Esplanade consortium.
All bids were rejected due to connections with previous owners or non-compliance with the conditions.
April 2025: ARMA announces a new tender, with BC Millennium again submitting the best offer.
Fall 2025: After court decisions confirming the ownership of the state-owned bank, the agency decided to terminate the tender procedure.
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What the parties say
- ARMA: there are no grounds to continue management, as the asset has been released from criminal arrest.
- Oschadbank: back in August, it stated that the information about the transfer of Gulliver to state-owned banks was not true, effectively distancing itself from the dispute.
- Businessman Viktor Polishchuk, who is associated with the complex, continues to defend his interests in courts.
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As a reminder, Gulliver is a shopping and office complex in the center of Kyiv with an area of over 150 thousand square meters.
The asset was previously linked to businessman Viktor Polishchuk, the husband of Yanukovych’s former godmother.
The transfer of Gulliver to the ARMA in 2017 was one of the first high-profile examples of seizure of large commercial facilities associated with the Yanukovych regime
