The competition has hidden terms: ARMA "forgot" to mention the collateral in the tender for finding a manager for the "Gulliver" shopping center.

The Asset Recovery and Management Agency (ARMA) has come under scrutiny once again due to the omission of a critical detail in the tender documentation for finding a manager for the "Gulliver" shopping mall. Specifically, it did not mention that this asset is collateralized by a mortgage loan. The lack of this essential information has led to complaints from participants and raised doubts about the integrity and objectivity of the process, reports UNN.

Details

A complaint was filed against ARMA's tender on the Prozorro platform regarding discriminatory conditions in the tender documentation, including the failure to provide accurate information about the subject of the procurement and misleading participants about the conditions (and overall feasibility) of fulfilling the asset management agreement.

In response to the complaint, the Asset Recovery and Management Agency clarified that legislation allows for the management of assets that are subject to a lien. However, the management assignor (ARMA - ed.) is obligated to inform the manager that the assets being transferred for management are subject to a lien agreement.

“If the management assignor did not inform the manager, and the manager was unaware and could not have known that the assets transferred for management are subject to a lien agreement, the manager has the right to demand the termination of the contract and the payment due to him under the contract for the duration of the management of these assets,” ARMA quoted from the Civil Code.

At the same time, the agency reiterated that it bears no obligations under the contracts of asset owners, including lien agreements, and cannot influence the credit transactions of previous owners.

Despite ARMA's statement, it remains unclear why the crucial information about the lien was not included in the tender documentation. This raises questions about the transparency of the selection process for managers, as the lack of information regarding asset encumbrance could affect the decisions of potential tender participants, and incomplete documentation creates risks for them.

Moreover, as noted by the agency itself, if the chosen manager decides to terminate the contract due to lack of notification about the lien, it could lead to financial losses.

Additionally

On October 30, ARMA announced a competition to select a manager for the "Gulliver" shopping mall. The head of the agency, Elena Duma, proudly stated that she approached the selection of a manager for this high-profile asset with the utmost rigor, even establishing the maximum allowable four criteria for candidates. Among the conditions that participants must meet are a property portfolio with a total value of at least 100 million hryvnias, a professional team, verified experience in managing similar assets, and confirmed financial viability.

The "Gulliver" shopping mall building is collateral for a mortgage loan from state banks, including "Oschadbank." However, none of the criteria set by ARMA mention the necessity to repay the loan.

Representatives of "Oschadbank" have repeatedly stated that the decision to transfer "Gulliver" to ARMA harms the interests of the state bank, as it would deprive it of loan payments from the owning company of the capital complex. The lost income for "Oschadbank" due to the cessation of loan payments could exceed 20 billion hryvnias.

Following the announcement of the competition, the deputy chairman of the "Oschadbank" board, responsible for dealing with NPLs, Arsen Milyutin, commented to UNN that the state bank plans to reclaim the "Gulliver" shopping mall building for its benefit if ARMA hands it over for management. He expressed outrage that instead of loan payments to state banks, the earnings from "Gulliver" would be given to an "unknown manager."

Only after this, and under public pressure, did ARMA representatives agree to meet with the deputy chairman of the "Oschadbank" board, responsible for NPL management, Arsen Milyutin. During this meeting, the bank representative noted that the state's position in this situation should focus on "ensuring a positive investment climate, protecting the interests of creditors, and upholding fiscal interests, rather than merely fulfilling court decisions formally." In turn, ARMA promised to further investigate the relevant regulatory acts regarding the possibility of including payments to creditor banks in management expenses.