"Oschadbank may lose billions due to the ARMA competition for a manager for 'Gulliver': what went wrong."
The Asset Search and Management Agency is seeking a manager for the capital's shopping center "Gulliver." However, the terms of the competition do not include servicing loans from state banks. Consequently, if this asset is transferred for management, only "Oschadbank" risks losing over 20 billion hryvnias. What led to this situation and what consequences it may have were analyzed by UNN.
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The head of ARMA, Elena Duma, announced on October 30 that a competition for selecting a manager for "Gulliver" has been declared. However, upon reviewing the tender documentation, it becomes clear that the interests of state banks were not considered at all during the announcement of the competition.
As is known, the building of the shopping center serves as collateral for a mortgage loan with "Oschadbank" and "UkrSibbank." The owner of "Gulliver" is the company "TRI O," which is currently the one repaying the debts to the banks. If the asset is handed over to a new manager, the company will lose its sole source of income and will be unable to repay the loan, leaving the state bank without any payments on its debt obligations.
This has been repeatedly stated by "Oschadbank" itself. In particular, the deputy chairman of the board of "Oschadbank," responsible for working with NPL, Arsen Milyutin, noted that once "Gulliver" is transferred to a new manager, all loan payments will cease, and it will remain unpaid, which harms the interests of the state bank.
The losses for "Oschadbank" due to the cessation of loan payments could reach over 20 billion hryvnias. This could represent a significant loss for the banking system of Ukraine, especially in light of the government's efforts to improve its financial stability.
Therefore, the terms of the competition for managing "Gulliver" without considering the interests of state banks raise the question: does this initiative align with the interests of the state, and how can banks recover their funds?