Ocean Plaza shopping mall to be sold at auction: what the government has decided
17 February 23:54
The Cabinet of Ministers of Ukraine has approved a schedule for the sale of confiscated sanctioned assets, including the Ocean Plaza shopping and entertainment center in Kyiv. The property is planned to be put up for public auction through the State Property Fund of Ukraine. This was announced by Ukrainian Prime Minister Yulia Svyrydenko on her Telegram channel, according to "Komersant Ukrainian".
Ocean Plaza to be sold at public auction
According to Yulia Svyrydenko, she held a working meeting with the head of the State Property Fund of Ukraine, Dmytro Natalukha, and the acting head of the State Service of Geology and Subsoil, Leonid Muzyk.
During the meeting, the parties discussed the sale of sanctioned assets, as well as an audit of special permits for subsoil use.
“Assets should not stand idle, but should work for the economy,” Yulia Svyrydenko emphasized.
According to Yulia Svyrydenko, the government has already approved a schedule for the sale of confiscated property, which covers 26 objects throughout Ukraine. Among the first assets to go to auction is the Ocean Plaza shopping and entertainment center in Kyiv.
The sale of Ocean Plaza will be carried out by the State Property Fund through a transparent auction, which will allow funds to be raised for the state budget and an effective investor to be found.
What other confiscated assets will be put up for sale
In addition to Ocean Plaza, the list of initial lots also includes:
- Mykolaiv Alumina Plant LLC
- Hotel in Bukovel (AMSTEL-SKI LLC)
- Demurinsky Mining and Processing Plant LLC
All of these properties were previously linked to Russian assets or were subject to sanctions and confiscation.
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What is known about Ocean Plaza
Ocean Plaza is one of the largest shopping and entertainment centers in Kyiv, located on Lybidska Square.
The facility was previously linked to Russian oligarch Arkady Rotenberg. After the sanctions were imposed, the High Anti-Corruption Court of Ukraine ruled to confiscate the asset in favor of the state.
Now the shopping center is planned to be sold through an open auction.
The government has simplified the sale of sanctioned assets
A few weeks ago, the Cabinet of Ministers of Ukraine simplified the procedure for selling sanctioned assets.
Among the innovations are:
- the possibility of selling loan claims as a single package together with the main asset;
- the introduction of the “Dutch model” auction — with a gradual reduction in price if the first bids are not successful.
This mechanism should speed up sales and attract more potential investors.
Audit of subsoil use licenses
A separate topic of the meeting was the audit of so-called “dormant” special permits for the extraction of strategic minerals and oil and gas-bearing subsoil.
Yulia Svyrydenko announced that licenses for deposits that were not in use before the start of the full-scale invasion by the Russian Federation will be revoked.
The Prime Minister instructed to speed up the audit so that systemic decisions in the field of subsoil use could be made in March.
What the sale of Ocean Plaza means for the economy
The sale of a large sanctioned asset could:
- bring significant revenues to the state budget;
- attract foreign or Ukrainian investors;
- demonstrate the effectiveness of the mechanism for confiscating Russian assets.
The government says that confiscated property should work for Ukraine’s economy and help rebuild the country.
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