Arricano Real Estate PLC (Cyprus), which owns four shopping centers in Ukraine (Kyiv, Zaporizhia, Kryvy Rih) through its Ukrainian subsidiaries, reports that Ukrainian courts have lifted all arrests previously imposed on the assets and accounts of the group's enterprises.

According to the company's press service, the investigating judge of the Solomiansky District Court of Kyiv was the last to lift the arrests of the accounts of PrJSC Livoberezhzhiainvest (the RayON trade center, Kyiv) and Prism Alfa LLC (CITY MALL, Zaporizhia).

"We continue to protect our business in Ukraine from seizure by all possible legal means. I am confident that the cancellation of the seizure of the property and accounts of the Arricano group companies is the only solution that will allow us to embark on the path to restoring justice and adequacy in the case. Now we will focus on the main thing - so that all unfounded accusations against Arricano are completely dropped, and the criminal proceedings are closed," Margus Kurm, a member of the board of directors of Arricano Real Estate Plc (Cyprus), said.

Arricano in Ukraine Group and its employees have been under systemic pressure from the Ukrainian security forces since the fall of 2023. The company assesses this case as a custom-made one and sees it as an attempt by corrupt officials to seize the assets of Arricano Real Estate PLC. When considering cases of seizures in court, the lawyers of the Arricano group presented arguments and convincing evidence about the groundlessness of the seizures of the company's assets.

The imposed arrests blocked not only the economic activities of the Arricano group of companies, but also deprived them of the opportunity to pay national taxes and fees (VAT, corporate income tax, environmental tax), as well as fulfill credit obligations to Ukrainian banks.

Thanks to the position of the company's management and the owners of Arricano, the group continued to operate in Ukraine, paying taxes to the Ukrainian budget, providing jobs for citizens, and leaving shopping malls in the frontline cities of Zaporizhia and Kryvy Rih, which have now become important social hubs for the population of these cities, operating.

This development of events gives grounds for cautious optimism in the Arricano case. However, the company does not rule out that the pressure on the company may increase again. Arricano continues to maintain contact and provide updates on the status of the case to all institutions involved in protecting businesses from unjustified actions of law enforcement agencies both in Ukraine and in the EU.

Arricano Real Estate Plc (Cyprus) specializes in the construction of shopping and entertainment centers and is one of the leading developers in the Ukrainian real estate market. It owns and manages five shopping centers in the country with a total area of 147,600 square meters, including RayON and Prospekt in Kyiv, Sun Gallery in Kryvy Rih, and City Mall in Zaporizhia. The company also owns 49.9% in the Sky Mall shopping center (Kyiv) and land plots for the further construction of three facilities that are at the design stage. The company is also constructing the Kyiv shopping and entertainment complex Lukianivka.

According to Opendatabot, Arricano Real Estate Plc's income for 2023 amounted to UAH 36.156 million, which is 52.8% higher than the results of 2022. The company's net profit increased by 2.28 times - to UAH 7.168 million.