Ukraine imposes sanctions on Arricano developer, Estonian shareholders Hillar and Rauno Teder
On June 22, President Volodymyr Zelenskyy signed a decree imposing sanctions on individuals and legal entities cooperating with Russian occupiers, including Cyprus-based shopping mall developer Arricano Real Estate Plc and its Estonian shareholders Rauno Teder and his father Hillar Teder.
Sanctions also target Arricano CFO Lauri Reinberg and several associated legal entities: U.A. Terra Property Management Ltd., Museo Holdings Ltd., Sunloop Co Ltd., Praxifin Holdings Ltd., and Twible Holdings Ltd. Additionally, the sanctions include one Russian company –Zeleny Gorod LLC – and another registered in Russian-occupied Simferopol – South Gallery LLC.
Interfax-Ukraine has sent a request to Arricano for comment.
As reported, in December 2023, economic sanctions were imposed on a number of companies from temporarily occupied Crimea linked to Arricano Real Estate Plc, including Kedr LLC, Avtogroup Krym LLC, and Voyage Krym LLC.
Arricano shares were listed on the Alternative Investment Market (AIM) of the London Stock Exchange from 2013 until January 17, 2023. The company's H1 2022 report listed a shopping center in Simferopol among its assets. As of now, the company's website indicates ownership and operation of four shopping malls in Ukraine with over 180,000 sqm of leasable space: RayON and Prospekt malls (Kyiv), City Mall (Zaporizhia), and Sun Gallery (Kryvy Rih). It also owns a 49.9% stake in Sky Mall and land plots for future development.
As of H1 2022, the company's largest shareholder was Rauno Teder (70.86%), who increased his stake from 15.92% after receiving shares from his father Hillar Teder. Other shareholders included Dragon Capital Investments Limited and Jüri Põld. Dragon Capital later denied any business activities in occupied Crimea or Russia.