ARMA sells 460 hectares of land in the Carpathians to Lovochkin

ARMA sells 460 hectares of Carpathians to Liovochkin for UAH 2 thousand per hundred

The State Agency for Asset Recovery and Management (ARMA) On 8 January, sold 460 hectares of land in a mountain valley Borzhava (Transcarpathia) for UAH 89.5 million, which is significantly less than the expected more than 1 billion UAH. This is reported by the Economic Pravda.

Details of the deal

• The land plots were divided into three lots and sold through the Dutch auction system;

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• Each lot had only one bidder, which caused the price to drop to a minimum;

• Family-related entities are among the buyers Serhiy Lovochkin, In particular Andriy Vingranovsky, man Yulia Lovochkina and a member of the family's corporate group.

Investigators previously reported that Lovochkin plans to build the Borzhava ski resort on this territory.

Context.

The sale of state-owned land through «Dutch auctions» with minimal competition has been criticised by experts and the public. State assets are sold at prices that are often significantly lower than market prices, which creates risks for transparency and efficiency of state property use.