Court decides to cancel seizure of Chornomorets stadium in Odesa, return from management of ARMA to U.S. Allrise Capital Inc.
Shevchenkivsky District Court of Kyiv sustained the motion of the U.S. investment company Allrise Capital Inc. (Irvine, California) to cancel the seizure of non-residential buildings of the Chornomorets stadium (Odesa) and returned the facility from the management of the National Agency of Ukraine for finding, tracing and management of assets derived from corruption and other crimes (ARMA) to the owner.
The press service of Allrise Capital Inc. told Interfax-Ukraine on Thursday that the court made a decision on August 26.
"The court upheld the property rights of Allrise Capital as an investor and buyer of the Chornomorets stadium. Now we can focus on the development of the stadium and start implementing our investment plans," the company said.
"We have thoroughly reviewed the processes of such cases and provided the court with serious arguments in favor of Allrise Capital. The government, apparently, started to seriously listen to the problems of real investors," the Moris Group law firm representing the interests of Allrise Capital Inc. commented on the court's judgment.
Earlier, by the decision of Shevchenkivsky District Court of Kyiv dated July 31, 2020, Allrise Capital Inc. was banned to dispose of non-residential buildings of the Chornomorets stadium in Odesa, and by the decision dated August 6, the facility was transferred to the management of the Agency of Ukraine for finding, tracing and management of assets.
As reported, on May 22, 2020, the Fund sold the Chornomorets stadium in Odesa at auction for UAH 193.8 million, which is almost six times lower than the starting price of the facility (UAH 1.139 billion).