State asset management agency begins electing asset managers under new competitive rules
Photo: ARMA/Facebook

The Asset Recovery and Management Agency (ARMA) has started competitions for the selection of managers of seized assets under the new rules, reported the press service of the agency.

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"Management of seized assets according to old procedures and in manual mode was not transparent and did not bring adequate revenues to the country's budget," ARMA explained.
"Therefore, in the presence of thousands of seized assets transferred to ARMA, the Agency currently has only 27 valid management contracts," the message reads.
According to the 2022 public report, the Agency announced 156 competitive selections for managers, but selected only 19 winners. At the same time, for the entire year 2022, only 12 evaluation contracts were concluded with appraisers.
"This indicates the inefficiency of the selection of managers in the period 2017-2023 in general and, as a result, the low level of revenues to the budget. This practice has now been stopped. From now on, the state will receive a thousand management contracts from the thousands of assets received for management," said the head of ARMA Olena Duma.
The start of transparent tenders according to European rules is guaranteed to contribute to the conclusion of more management contracts, the agency assured.

At the end of August 2023, ARMA received a record amount of seized funds to manage.
On August 25, the agency opened access to the register of seized assets.