Ukraine to Auction Kyiv's Ocean Plaza Mall, Seized from Russian Oligarchs

Ocean Plaza Shopping Mall to Be Auctioned

According to Главком: Ukraine's State Property Fund will auction the Ocean Plaza shopping and entertainment center in Kyiv. This major asset was confiscated from Russian oligarchs Arkady and Igor Rotenberg. The sale is part of a government-approved schedule to sell 26 seized properties nationwide, with Ocean Plaza (owned by Investment Union Lybid LLC) among the first to be listed. This move is part of Ukraine's broader strategy to repurpose assets linked to Russian aggression for its national recovery.

History of Ocean Plaza

The Ocean Plaza mall first opened on November 19, 2012. The building has a total area of 165,000 square meters. A majority stake (51%) was held by a Russian company linked to oligarch Arkady Rotenberg. The center ceased operations and closed on July 25, 2022, following Russia's full-scale invasion.

In August 2022, the Prosecutor General's Office announced that corporate rights to assets worth over 350 million hryvnias, including Ocean Plaza, had been transferred to the Asset Recovery and Management Agency (ARMA). On August 12, Kyiv's Pechersk District Court lifted the arrest on the mall and unfroze its accounts. By November 2022, Ocean Plaza announced it was resuming cooperation with tenants and reopening to the public.

In March 2023, the High Anti-Corruption Court (HACC) confiscated Ocean Plaza from the Rotenberg brothers. The state gained 100% of the charter capital shares of Avangard-Vilarti LLC, registered to Cypriot companies Ocean Plaza Project (Cyprus) Limited and Ethoder Investments Limited, as well as 66.65% of the shares in Investment Union Lybid LLC. The HACC Appeals Chamber upheld the decision to nationalize Ocean Plaza's debts to the Rotenbergs and other parties.

Ukraine has also placed Arkady and Igor Rotenberg on a wanted list. As Yulia Svyrydenko noted,

"Assets should not sit idle; they must work for the economy."

Consequently, auctioning Ocean Plaza could be a significant step in reviving economic activity and attracting investment to the country.

The decision to sell the Ocean Plaza mall reflects Ukraine's strategic approach to managing assets confiscated from Russian oligarchs. This not only aids economic recovery but also demonstrates the government's resolve in countering aggression and utilizing seized assets for state benefit. A successful sale could signal to investors the potential for stability and business opportunities in Ukraine despite the ongoing war.