Sale of Borzhava Meadow Lands Suspended
The Asset Recovery and Management Agency (ARMA) has suspended the sale of 460 hectares of land on the Borzhava meadow. The decision follows the discovery of evidence linking the winning bidders to the assets' former owners. These lands were confiscated from companies connected to Vladyslav Kashkiv, a former associate of Viktor Yanukovych and a current deputy of the Zakarpattia Regional Council. ARMA has refused to finalize the sale, citing unacceptable risks that the assets could be returned to the control of their previous owners.
Financial Details and Winning Bidders
ARMA had initially projected revenues exceeding 1 billion hryvnias from these land sales in 2024. However, the plots were ultimately sold for roughly one-tenth of their expected value. Among the winning bidders was Andriy Vinhranovskyi, who acquired two plots:
- 26.7 hectares for 5.4 million hryvnias, against a starting price of 10.4 million hryvnias;
- 199.1 hectares for 39.1 million hryvnias, against a starting price of 75.2 million hryvnias.
Another winner, Ihor Vlasuk, purchased a 234.77-hectare plot for 45 million hryvnias, while its starting price was 88.2 million hryvnias.
ARMA has formally notified the National Anti-Corruption Bureau of Ukraine (NABU) and the Specialized Anti-Corruption Prosecutor's Office (SAPO) of its findings. The agency now plans to conduct a fresh valuation of the land and organize a new auction. According to ARMA's press service, the investigation revealed connections between the bidders and former owners that violate international asset recovery standards, which was the basis for halting the sale. This case highlights the ongoing challenges Ukraine faces in ensuring transparent privatization of state assets seized from individuals linked to previous regimes.
The suspension of the Borzhava land sale underscores the critical need for transparent procedures in privatizing state assets, particularly within Ukraine's broader anti-corruption efforts.
The identified links between the auction winners and the former owners suggest potential attempts to regain control of assets lost through legal proceedings. A new auction and updated land valuation are intended as crucial steps to prevent similar situations in the future and to ensure confiscated property benefits the state budget.