"Not a risk, but a professional asset" – Head of ARMA on Medvedchuk's ex-lawyer, Stereoplaza and IDS

Yaroslava Maksymenko was appointed interim head of ARMA after Olena Duma was dismissed last July. Along with his new position, Maksymenko inherited a trail of problems that have long plagued ARMA, close public attention, and the supervision of Prime Minister Yulia Svyrydenko.

In an interview with LIGA.net Yaroslava Maksymenko talks about the case of IDS Group, which produces Morshynska, and answers questions about the work of Bohdan Koval, Medvedchuk's ex-lawyer, at ARMA. She also explains what the future of Stereoplaza might look like, how ARMA can help IDPs with housing, and how many assets the agency has in the occupied territories.

About IDS Group (Morshynska, Myrhorodska)

Let's start with one of the most capital-intensive assets, IDS Group (Morshynska and Myrhorodska). Why did the process of selecting a manager stop?

The tender is currently blocked due to 12 similar complaints to the Antimonopoly Committee filed by persons related to the beneficial owners.

This is an artificial procedural blocking. It is important to understand the cost of delay: if these assets had been working for the state since 2022-2023, the budget could have received more than UAH 2 billion for defense needs.

IDS argues that the tender criteria are formulated in such a way that only a direct competitor of the company can actually become the manager. This requires a mandatory permit from the Antimonopoly Committee. Does ARMA have plans to introduce such a requirement for a potential manager?

The terms of the competition include three independent requirements for the candidate: proven experience in asset management, water distribution or water production.

The applicant must meet at least one of these requirements, which excludes the issue of direct competition. In addition, the manager must confirm financial solvency, a transparent ownership structure, and no ties to the persons involved in criminal proceedings. If there are signs of competition violations, the Antimonopoly Committee will decide on the matter.

There is a version in the public space that ARMA's activity is related to the desire to transfer the asset to a manager before the new "law on ARMA" comes into force. Why was it decided to hold the tender now?

The decision to launch the tender was dictated solely by the need to ensure effective management of the strategic asset as soon as possible. The new law on ARMA will come into force on February 1, and we are unlikely to have time to hold the competition before then.

It is important to understand that the transfer of the asset into management has been blocked since 2022, despite the current court decision. During this time, the company has accumulated over UAH 2 billion in declared dividends.

If these funds had been allocated to the state on time, they could have already been used for the needs of the Ukrainian Defense Forces. In fact, the state has been losing resources all this time due to the failure of a private company to comply with a court decision.

I would like to emphasize that this is not just a legal procedure, but a matter of economic security of the state. IDS is one of the largest economic assets that could steadily fill the budget and work for the economy and defense of our country. Instead, we record the facts of withdrawal of funds from the assets, which directly reduces their value.

What is the future of Stereoplaza

What is happening around the Stereoplaza club in Kyiv? Has the asset been seized now, and what about the property inside this asset? Is it true that Dmytro Sydorenko's company, which became the manager, submitted forged documents to ARMA?

The situation around Stereoplaza showed not an isolated incident, but systemic problems in the procedure for transferring assets into management that had been accumulating for years. That is why ARMA considers this case as an example from which to draw management conclusions.

We note that there were procedural violations during the transfer of the asset, including insufficient identification of the property, lack of a complete inventory, and unclear recording of its physical condition. These shortcomings led to further conflicts between the user and the manager.

ARMA is currently conducting internal checks, analyzing all stages of the asset transfer and taking response measures within its powers

At the same time, this case became the basis for broader changes: we have identified a systemic problem, and therefore we are addressing it not in a point-by-point manner, but by updating asset management procedures. This is the basis for the new standards and procedures that are being implemented in ARMA in connection with the new law, with stricter requirements for managers, full identification of assets, and transparent tenders.

We are also preparing a new competition with new procedures.

Medvedchuk's yacht and his ex-lawyer Bohdan Koval

The ARMA manages Medvedchuk's property. And from the end of December 2025, Bohdan Koval, Medvedchuk's former lawyer, will become the acting head of the ARMA's legal department. Do you see any conflict of interest or loopholes for abuse in the management of Medvedchuk's and his associates' assets in this appointment?

We see no conflict of interest in this appointment. Bohdan Koval represented Viktor Medvedchuk's interests in separate episodes more than five years ago. It was a completed legal mandate that does not create any legal or business ties today.

The practice of law by its very nature involves the defense of various clients, both in Ukraine and around the world. We all understand that the more complex the cases, the stronger the lawyers they require. That is why experience in high-profile cases is not a risk, but rather a professional asset for a state institution that works with legally complex assets.

The ARMA has a collegial decision-making system, and the management of Medvedchuk's assets is not under the sole influence of any official. All decisions regarding these assets go through several levels of control

Mr. Bohdan represented Medvedchuk's interests in certain episodes five years ago. This is a long time, and I do not see any conflict here. Today he has no business ties with Medvedchuk. We have to assess him as a professional lawyer.

In general, many lawyers have worked with odious individuals. Count those who worked with Friedman, Azarov, Yanukovych and others. You can tell me for yourself whether the lawyers who work for Friedman, defending his interests in the Morshynska case, are good or not. I will say that they are good specialists. Similarly, Bohdan Koval is a good specialist.

Let's really talk about everyone. What's the resonance here if he used to work with Medvedchuk and now heads the department at ARMA?

What is the fate of Medvedchuk's yacht Royal Romance?

This is a very difficult asset. The arrest period in Croatia has expired, and it is now under Croatian control at a naval base.

ARMA is working to complete the procedures necessary for its effective management in accordance with international and Ukrainian law. This is a complex asset located in a different jurisdiction, so the process will take time, but it is within the legal framework and under the full control of the state.

The ARMA has established an internal control department, which is common in many law enforcement agencies, and a separate internal security department. What is the difference in their powers?

The Internal Control Department monitors the efficiency of the body's work, while the Internal Security Department ensures the integrity of employees. In particular, the security department will check the winners of tenders for their relation to sanctioned persons or title owners of assets.

All ARMA assets

The new ARMA law will come into force in February. The transitional provisions of the law state that by this time, ARMA must inventory all assets under its management that have not yet been transferred to it, assess their market value and its ability to manage them. Has ARMA succeeded in doing so?

In November 2023, we launched a large-scale identification process. We have identified 102,000 assets, of which about 22,000 are investment-attractive. The preliminary estimate of all assets is more than UAH 200 billion, but this figure is conditional due to the complexity of accounting (for example, how to count – as one share or as an entire plant).

About 13% of the assets require procedural revision because they were transferred to us without the right to use them.

Identified assets located in the occupied territory, identified assets that are not suitable for use.

Is it possible to name a single amount of the value of all ARMA assets?

It is impossible to give a single, accurate amount of the value of all ARMA assets today, and this is objective. The preliminary estimate used by the agency is about UAH 200 billion, but this is a conditional figure that does not reflect the real structure of assets.

The register of seized assets contains objects of very different nature: from corporate rights and shares to factories, real estate, vehicles or individual property complexes. And the key question here is what exactly we consider an asset: a single plant as an integral object or each of its shares or stock separately.

That is why we are currently working on unifying approaches to asset accounting and valuation. After the new ARMA law comes into force, this process will become much easier and more transparent, as there will be clear rules for classifying, accounting and valuing assets.

Housing for IDPs in confiscated hotels

Yulia Svyrydenko said that the residential facilities managed by ARMA will be transferred for the needs of IDPs. Has it already been determined what kind of facilities these are? Is the Mozart Hotel in Odesa among them?

We have already identified several categories of facilities that can be used for the needs of internally displaced persons, and we are now at the stage of verifying them. These include hotels, sanatoriums, recreation centers, residential complexes, apartments and individual apartments managed by ARMA.

 The Mozart Hotel is not being considered for internally displaced persons (IDPs); we will transfer it to management. However, we are definitely considering the Tourist hotels in Kyiv and Lviv for accommodating IDPs. We are checking their technical condition, the ability to quickly accommodate people, and at the same time assessing which model of use will be most effective – social (for IDPs) or combined, with partial commercial use to maintain the facility.

Also in focus are the assets of the sanctioned Russian owners, including the London-Kirovohrad hotel in Kropyvnytskyi, which could potentially be used for residential purposes.

At the same time, our key task is to guarantee people protection and stability.

How can we protect citizens who will live in such facilities from a sudden court decision to cancel the arrest and, consequently, transfer them to management, which will force them to leave the premises immediately?

We are working to ensure that this process is regulated, looking for an algorithm that will be safe for IDPs, so that they feel secure.

To do this, we need to regulate the mechanism of such use. This is to protect people from situations where, if the arrest is canceled, they may be at risk of unpredictable eviction. That is why the social use of assets should be not only fast, but also legally protected.

Kaskiv, Lovochkin, Borzhava

The Borzhava land scandal (Kaskiv, Liovochkin) – why was the sale price at the "Dutch auction" so low, why did it go to Yanukovych's accomplices?

These lands were sold through the Prozorro.Sale system.

We put them up for auction three times in 2024 and 2025, but there were no takers even when the price was reduced. When classical auctions fail, the system automatically applies the Dutch model (downward). Only one offer was made. We are currently verifying the participant and have sent inquiries to the auction organizers to understand the real market demand.

We have a single market price formed in 2024. Why was it not sold for a billion hryvnias in 2024 and 800 million in 2025, why did not the bidders come? Because it is an expensive price for business. The state, through Prozorro.Sale, has completely abandoned the regulation of auctions and does not influence their results, allowing market competition.

For our part, we sent an appeal to the platforms that organized the auction to inform us about the number of participants, the number of visits to the auction, who came, who applied for identification, and what demand was recorded for these land plots. We will definitely share this information with the public.

In the spring of 2025, there was a scandal between the ARMA and the Federation of Trade Unions about who would run the House of Trade Unions, what is happening now?

When I came to ARMA in August 2025, one of my first tasks was to conduct a full audit of all facilities, including the Trade Union Building. This was a fundamental step to understand the real state of the assets and the decisions made before I arrived.

Based on the audit results, we identified a number of problematic issues in management procedures, and that is why we are now changing our approach from point solutions to systemic control.

In particular, an internal security department is being created in ARMA to check the integrity of the agency's employees to prevent any ties with companies that receive assets under management.

Are you ready for an ARMA audit?

Yes, we are fully prepared for the ARMA audit and are interested in its speedy completion. We have already opened up all processes and documentation and are actively cooperating with international partners to ensure that the audit is conducted as quickly, professionally and transparently as possible.

For us, an audit is a tool for strengthening the institution, an opportunity to confirm the correctness of the changes we have already launched and to get an independent assessment of what still needs to be improved. This is part of our strategy to modernize ARMA.