“Nobody is interested in someone with debts”: expert names possible reason why ARMA did not take into account loans to Gulliver during the competition for the selection of a manager

The Asset Recovery and Management Agency deliberately did not take into account the servicing of credit obligations when announcing a tender for the selection of a manager for the Gulliver BFC, as it understands that no one will want to manage it with loans. This opinion was expressed by economic expert Oleksandr Okhrimenko in an exclusive commentary to UNN.

The fact that ARMA does not want to include Gulliver’s debt to Oschadbank is of twofold importance. On the one hand, there is indeed a problem that Oschadbank may lose this mortgage loan, meaning that no one will repay it. On the other hand, it is unrealistic to find a manager who will agree to take over the Gulliver shopping center with such debts. ARMA simply understands that if we take into account Oschadbank’s debts, the agency will not be able to give this Gulliver to anyone at all, and this is the problem of the duality of the contradiction

According to him, large facilities such as the Gulliver building have lost their market value today, as it has become unprofitable to maintain such complexes amid the war and economic changes.

Okhrimenko believes that ARMA is in a situation where it needs to look for at least some options to transfer Gulliver to management.

Economist: ARMA ignores financial interests of the state by announcing a tender for the management of the Gulliver shopping center without taking into account loan obligationsNovember 11 2024, 07:54 AM • 105317 views

Context

As you know, ARMA has announced a competition to select a manager for the Gulliver shopping and entertainment center. The head of the agency, Olena Duma, proudly stated that she had taken the strictest possible approach to the selection of the manager of this high-profile asset and even set the maximum possible 4 criteria for candidates. Among the conditions to be fulfilled by the bidders are property worth at least UAH 100 million, a professional team, proven experience in managing similar facilities, and proven financial solvency.

The building of the Gulliver shopping center is pledged as collateral for a mortgage loan from state-owned banks, including Oschadbank. However, among the criteria set out by the ARMA, there is no mention of the need to repay the loan.

Oshchadbank has repeatedly stated that the decision to transfer Gulliver to ARMA harms the interests of the state-owned bank, as it will deprive it of loan payments from the company that owns the capital’s complex . The losses of Oschadbank due to the termination of loan payments could reach more than UAH 20 billion.

Moreover, Arsen Miliutin, deputy chairman of the board of Oschadbank in charge of NPLs, said in a commentary to UNN that the state-owned bank plans to recover the building of the capital’s Gulliver shopping center in its favor if ARMA transfers it to management. He expressed indignation that instead of paying the loan to state banks, Gulliver’s earnings would be given to an “incomprehensible manager”.