Police are searching State Property Fund officials — they are suspected of underestimating the value of the “Ocean Plaza” shopping mall

Police are searching the premises of officials of the State Property Fund of Ukraine (SPFU). They are suspected of underestimating the value of the “Ocean Plaza” shopping mall before its sale.

This was reported by the Prosecutor Generalʼs Office.

According to the investigation, law enforcement officers are checking the facts of possible influence on the assessment of the value of the shopping center, how the starting price of the auction was determined, the terms of sale, and the range of potential buyers. Possible influence by officials could lead to the state asset being sold at a price that is not market, and this would cause losses to the state budget.

Searches are being conducted at the homes of the SPFU officials. Documents were seized during the searches.

Confiscation of the “Ocean Plaza” shopping mall

In March 2023, the High Anti-Corruption Court (HACC) allowed the confiscation of Ukrainian assets, including the “Ocean Plaza” shopping mall, from Russian oligarch Arkady Rotenberg and his partners.

The court decided to collect 100% of the authorized capital of “Avangard-Vilarty” Limited Liability Company and 66.65% of the authorized capital of “Lybid Investment Union” LLC, which is the direct owner of “Ocean Plaza” shopping mall, as state revenue.

Rotenberg is a businessman and childhood friend of Russian President Putin, who once practiced judo together. He is also referred to in the media as Putinʼs personal "wallet".

In June 2023, the Cabinet of Ministers of Ukraine transferred the share of the “Ocean Plaza” shopping mall confiscated from Russian oligarch Arkady Rotenberg to the management of the State Property Fund. The government also instructed to prepare it for privatization. The State Property Fund stated that they plan to privatize “Ocean Plaza” by the end of 2026.

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