18:57 14.07.2021

Rada adopts law on reform of ARMA

1 min read
Rada adopts law on reform of ARMA

The Verkhovna Rada has adopted a law on reforming the Asset Recovery and Management Agency (ARMA).

Some 322 MPs voted for bill No. 5141 at second reading with the required 226 votes.

The draft law, in particular, prohibits the sale of assets prior to a court decision, clarifies the procedure for storing and managing property, and suggests that asset owners can independently submit a certified court decision to cancel the seizure and return the property.

Meanwhile, earlier Transparency International Ukraine and the EU Anti-Corruption Initiative in Ukraine (EUACI) stated that this bill creates new risks and may harm the practice of managing seized assets. In particular, they emphasize that the document can create preconditions for blocking the sale of seized property that cannot be effectively managed. In their opinion, this will lead to the loss of the value of the seized property or to such expenses for its management that will significantly exceed its value. This approach is economically disadvantageous and contrary to international practice, the organizations noted in a joint statement.

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