Photo: Gulliver shopping center

The Asset Recovery and Management Agency has terminated the competitive procedure for finding a manager of the seized Gulliver shopping center in the Prozorro system. This was reported by ARMA reported on Monday, October 13.

They reminded that the asset was transferred to the management of ARMA in 2017 as being associated with the former president Viktor Yanukovych and his associates, as part of criminal proceedings on misappropriation of funds from state-owned banks.

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ARMA's task was to ensure the preservation and proper management of this asset until its legal status was finally determined.

The courts have now ruled that the ownership of the Gulliver shopping center belongs to state-owned creditor banks, not to persons associated with Yanukovych, the agency said.

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"ARMA acts only within the law and court decisions. The agency does not interfere in property disputes, but ensures transparency and legitimacy of the procedures for managing seized assets," the statement said.

Opened in 2013, Gulliver was built with a loan from Sberbank й Ukreximbank with maturity in 2025. Due to the economic difficulties during the coronavirus pandemic in 2020, the loan restructured with an extension until 2044and additionally secured by the personal guarantee of businessman Viktor Polishchuk. After the restructuring, the amount of debt increased to $675 million.

In 2024, amid a full-scale war, the debtor, Three O, stopped servicing the loan, and the banks began a procedure to enforce the debt and foreclose on the mortgage, which ended on July 26, 2025.

At the end of July, Oschadbank engaged foreign lawyers from Quinn Emanuel Urquhart & Sullivan and initiated a lawsuit to the London Court of International Arbitration against Polishchuk. Along with Polishchuk, Lavish Ventures Limited, one of the guarantors, is a defendant.

  • Viktor Polishchuk is best known as the owner of the Gulliver skyscraper in Kyiv and the Eldorado chain of stores. He also owned Mykhailivskyi Bank, which went bankrupt in 2016. From 2025 Polishchuk is under sanctions NSDC.