UDP as a minority owner: Ocean Plaza shopping center transferred to ARMA management in early August (Photo: Oleksandr Prykhodko / Alamy via Reuters)
UDP, as a minority owner (33% of shares) of the Ocean Plaza shopping center, explained the key details of the current legal status of the shopping center and the company's position in relation to it, writes NV.
«Two-thirds of the company's shares (67%), owned by foreign owners, have been seized and transferred to the management of the National Agency ARMA for subsequent sale at auction. All of the company's assets (20 properties) have been seized by the prosecutor's office. The court's decision, which restored the right to manage its own shareholding to the Ukrainian owner (UDP), only unlocks the right to use the property. Specifically, the right to conduct business, which will allow the shopping center to resume operations and, instead of incurring losses, generate income for the state as the new manager (represented by ARMA)."," the UDP statement said.
The company also noted that in 2021, expenses (including taxes) for the operating shopping center amounted to more than UAH 500 million per year.
«Currently, the state suffers losses from maintaining the defunct shopping mall at approximately 100 million hryvnias per year. Meanwhile, the total taxes paid by businesses operating in the mall prior to the Russian invasion amounted to approximately 1,37 billion hryvnias last year. The mall's own tax revenues amounted to 295 million hryvnias per year.", UDP added.
UDP management has decided to transfer all profits from the foreign shareholder to the state budget after the shopping mall's reopening. This means that two-thirds of the mall's total profits will go directly to the Ukrainian state.
«It's also worth noting that more than 3000 entrepreneurs and employees who lost their jobs after the shopping center's closure are awaiting the resumption of operations. […] If we include manufacturers, suppliers, and other contractors working with the shopping center and its tenants, this figure will increase several times over.", said the co-owner of the shopping and entertainment center.
«UDP, as a Ukrainian shareholder in the Ocean Plaza shopping center, supports any government decision regarding the 67% stake held by foreign shareholders. We emphasize that all proceeds from the lease and use of the Ocean Plaza shopping center are held in Ukrainian accounts and cannot be transferred abroad. The Ukrainian shareholder will facilitate the implementation of all subsequent official government decisions regarding the rights of foreign owners, focusing all efforts on ensuring the operation of the shopping center and businesses for economic stability and our victory.", the company concluded.
Translation by Skelet.Org
Vasyl Khmelnytsky purchased the Ocean Plaza shopping center in Moscow.
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