Government approves privatization of Ocean Plaza mall in Kyiv
Photo: Ocean Plaza

The Cabinet of Ministers has transferred the share of the Ocean Plaza shopping mall confiscated from the Russians to the State Property Fund and instructed it to prepare it for privatization, announced the government's representative in parliament, Taras Melnychuk.

All proceeds from the sale will be directed to the fund for liquidation of the consequences of armed aggression.

The assets transferred to the SPFU were confiscated from Russian oligarch Arkady Rotenberg, his son Igor Rotenberg, and business partners Alexander Skorobagatko and Alexander Ponomarenko.

These are:

→ 100% of the authorized capital of Avangard-Vilarti LLC, registered with the Cyprus companies Ocean Plaza Project (Cyprus) Limited and Ethoder Investments Limited;

→ 66.65% of the authorized capital of Investment Union Lybid LLC owned by Avangard-Vilarti LLC.

IU Lybid is the direct owner of Ocean Plaza, one of the largest shopping and entertainment centers in Kyiv and Ukraine.

From February to the end of November 2022, it was not in operation. At this time, the corporate rights of IU Lybid LLC, which belonged to Russian owners, were transferred to the control of the National Agency for the Detection, Investigation and Management of Corrupt Assets (ARMA).

The remaining corporate rights of Investment Union Lybid LLC belong to Ukrainian owners.

The profits of the Ocean Plaza shopping center in Kyiv used to go through a chain of companies to the family of Russian oligarch Arkady Rotenberg, Trap Aggressor project reported. With the money, his son purchased two cartridge factories in Russia that manufactured weapons for the Russian military-industrial complex.

Rotenberg was sanctioned by the National Security and Defense Council in October 2022. In late March, his Ukrainian assets were transferred to state ownership following a decision by the High Anti-Corruption Court.