The Asset Recovery and Management Agency (ARMA) issued an order to the private enterprise MARINEx, the manager of 10 seized vessels — including the dry cargo ship EMMAKRIS III.

Based on the analysis of the status of contract performance, ARMA found that MARINEx failed to: transfer the required guaranteed payment to the state budget (UAH 5.15 million); submit management reports; insure the vessels; open a separate bank account; register for tax purposes; and pay for appraisal services (UAH 340,000).

The order obliges the company to immediately fulfill its contractual obligations and transfer the funds to the state budget.

In case of non-compliance, the National Agency has the right to terminate the contracts and hold the party responsible administratively liable.