The National Agency of Ukraine for Finding, Tracing and Management of Assets Derived from Corruption and Other Crimes (ARMA) continues to deliver tangible results in the effective management of seized assets.

One of the high-profile assets, the International Centre of Culture and Arts (ICCA, also known as the October Palace), is already generating revenue for the state. The ICCA’s manager, Kombinat Plus, has made its first payment to the State Budget in the amount of UAH 1.4 million.

This payment covers the period from the actual transfer of the asset into management pursuant to rulings until the end of the reporting month, i.e. not a full calendar month.

“Once the property starts generating profit, the manager will transfer 99.9% of the income to the State Budget of Ukraine. This is in addition to the guaranteed monthly payment of over UAH 2 million. For the first time since independence, this asset will work in the interests of the state and its citizens,” emphasized Pavlo Velykorechanin, Deputy Head of ARMA.

As a reminder, the manager was selected through an open competition in the Prozorro system organised by ARMA. The company Kombinat Plus offered the best management conditions and guaranteed stable payments to the budget. Thus, according to the terms of the agreement, the monthly guaranteed payment to the budget will amount to UAH 2 million. Therefore, full monthly payments are expected in the near future, ensuring stable and transparent revenues to the State Budget.

The ICCA has become another example of how effective management of seized assets brings direct income to the state. ARMA continues to work to ensure that such property is not simply stored, but contributes to the state’s economy.