A court has lifted the seizure of all shopping and entertainment centers (SECs) belonging to the leading Ukrainian mall developer Arricano Real Estate Plc (Cyprus), according to the company's press service.

On August 29, 2024, a judge from the Solomiansky District Court in Kyiv ruled to lift the seizure of three malls owned by the Arricano group in Ukraine: Sun Gallery (Kryvy Rih), City Mall (Zaporizhia), and Prospekt (Kyiv). Earlier, the seizure of another Arricano asset in Ukraine, the RaiON SEC (Kyiv), had also been lifted.

During the hearings, the group's lawyers presented arguments and evidence to the court, demonstrating the baselessness of the SEC seizures and the lack of any further need to maintain them.

"The court's decision to lift the seizures is, first and foremost, a victory for common sense and justice. We have consistently argued that the accusations made by law enforcement against Arricano are absurd and that attempts to block the operation of our SECs harm the business climate's reputation in the country. Through our persistent and consistent approach, we managed to draw the court’s attention to our arguments, evidence, and the obvious facts, which ultimately led to the court making lawful decisions," said Margus Kurm, Director of Arricano Real Estate Plc, as quoted by the press service.

Kurm expressed cautious optimism that the case would proceed in a civilized legal manner, without attempts to block and seize the SECs, and with the aim of resolving the situation and restoring justice.

"Unfortunately, we do not rule out the possibility of increased pressure from law enforcement and attempts to resume the process of asset seizures. In any case, we are confident in our position and will continue to seek the truth," Kurm added.

On September 5, a prosecutor’s appeal against the judge's decision to lift the seizure of the RaiON SEC is scheduled to be heard.

From a legal standpoint, such an appeal and its consideration violate the criminal procedure legislation and the legal position of the United Chamber of the Cassation Criminal Court within the Supreme Court (ruling dated May 20, 2024, in case No. 712/191/23), according to which the decisions of an investigative judge to fully or partially lift the seizure of property, made under Article 174 of the Criminal Procedure Code (at the request of the property owner), are not subject to appeal.

Since the fall of 2023, the Arricano group in Ukraine and its employees have been under systematic pressure from Ukrainian law enforcement agencies. The company views this case as orchestrated, seeing it as an attempt by corrupt officials to seize the assets of Arricano Real Estate Plc. The company has repeatedly stated its intention to defend its position both in Ukraine and abroad.

Arricano Real Estate Plc specializes in the construction of shopping and entertainment centers and is one of the leading developers in the Ukrainian real estate market. The company owns and operates five shopping centers in the country, with a total area of 147,600 square meters, including RaiON and Prospekt in Kyiv, Sun Gallery in Kryvy Rih, and City Mall in Zaporizhia. The company also holds a 49.9% stake in Sky Mall (Kyiv) and owns land plots for the future construction of three projects currently in the design phase. The company is also developing the Lukianivka SEC in Kyiv.

According to Opentadatabot, Arricano Real Estate Plc's revenue for 2023 amounted to UAH 36.156 million, which is 52.8% higher than in 2022. Net profit grew 2.28 times to UAH 7.168 million.