The High Anti-Corruption Court ordered the National Anti-Corruption Bureau to open a case regarding the ARMA competition surrounding Morshynska
12 January 10:25
The High Anti-Corruption Court ordered the National Anti-Corruption Bureau of Ukraine to initiate a pre-trial investigation into possible abuses by officials of the Asset Recovery and Management Agency (ARMA) during the selection of an asset manager for IDS Ukraine, the producer of Morshynska and Myrhorodska mineral water. This is stated in the decision of the High Anti-Corruption Court, in which the court upheld the complaint filed by the lawyer of Asters Law Firm on behalf of New World Value Fund Limited against the inaction of NABU officials, according to "Komersant Ukrainian".
What is the essence of the court’s decision?
The complaint concerned the fact that NABU did not enter information about a possible criminal offense into the Unified Register of Pre-trial Investigations (URPI). Representatives of the bureau insisted that, based on the results of the consideration of the application, there were no grounds for this.
However, the investigating judge concluded that the lawyer’s appeal contained information that could be subject to verification by NABU and, therefore, must be entered into the EDRP for further investigation.
Possible abuses during the competition
This concerns the possible distortion of the competition conditions and the creation of advantages for a predetermined company during the selection of the IDS Ukraine asset manager. Such actions, in the opinion of the applicant, may indicate signs of abuse of power and corruption in the activities of ARMA officials.
The VAKS ruling takes effect from the moment it is announced and is not subject to appeal.
What is known about the case of the producer of “Morshynska” and “Mirgorodska”
In December 2025, ARMA took over the management of the corporate rights of the IDS Ukraine group as part of criminal proceedings concerning the assets of sanctioned Russian businessmen, in particular Mikhail Fridman.
Back in 2022, the court seized the shares and funds of Morshynska belonging to Friedman, who was a co-owner of IDS Ukraine.
In March 2023, following the results of the ARMA competition, Karpatski Mineralni Vody LLC (TM Karpatskaya Dzherelna) became the manager of Morshynska.
In April 2025, ARMA terminated the agreement with this manager. According to the former head of the agency, Olena Duma, the company actually refused to work due to legal restrictions related to sanctioned persons.
In October, ARMA announced the completion of the settlement of the situation surrounding the seized assets of IDS Ukraine and announced a new competition for an administrator.
Sanctions and criminal cases
According to the agency, the assets were transferred due to their connection with Mikhail Fridman, who is under sanctions by the US, EU, UK, Canada, and Ukraine. He is accused of supporting the Russian regime and actions that pose a threat to international security. The transfer procedure was carried out by the prosecutor’s office, and the pre-trial investigation is being conducted by the Economic Security Bureau.
The situation surrounding IDS Ukraine remains one of the most complex
The situation surrounding IDS Ukraine remains one of the most complex stories involving the management of seized assets of Russian oligarchs in Ukraine. Since 2022, there have been ongoing disputes over who should manage the Morshynska and Myrhorodska brands.
The previous manager, Karpatski Mineralni Vody LLC, effectively refused to fulfill the contract in April this year, citing legal restrictions that do not allow it to operate without the consent of the sanctioned owners.
What’s next
The VAKS decision means that NABU is obliged to open criminal proceedings and investigate the actions of ARMA officials during the management and competitive selection process for one of the largest mineral water producers in Ukraine.
The results of this investigation could have significant consequences both for the state policy on the management of seized assets and for the future of the Morshynska and Myrhorodska brands.
What this means for the market
IDS Ukraine remains a key player in the mineral water market. The ongoing disputes over asset management have created risks for the company’s operations and product supply.
The transfer of assets to the direct management of a state agency may temporarily stabilize the situation, but further effectiveness will depend on the transparency of tenders and the speed of appointing a new manager.
