The Asset Recovery and Management Agency (ARMA) held a regular online meeting with representatives of the Agency for the Management of Seized Property Management Agency of the Federation of Bosnia and Herzegovina (FAZUOI) within the framework of the previously signed interagency agreement. The topic of the meeting was the management and sale of assets. ARMA was represented by Ihor Chuloi, Director of the Asset Management Department, and representatives of the agency's interregional offices.
The main topics of discussion were the mechanisms for transferring seized assets for sale, in particular, the specifics of working with real estate and the conditions for their transfer. The participants also paid attention to the conclusion of contracts involving managers, studying their powers and obligations, and discussed examples of model contracts.
Thus, FAZUO representatives noted that the prerogative of asset management is to obtain a positive financial result, which is primarily ensured by establishing personal responsibility and control systems for the activities of managers. Thus, FAZUO, under the legislation of the Federation of Bosnia and Herzegovina, has certain powers to appoint and dismiss officials appointed to manage seized assets.
At the same time, an important topic was the return of assets to their owners after the seizure is canceled. Igor Chuloy told his foreign colleagues about the example of Aerok LLC. The National Agency returned the seized funds in the amount of almost 244 million UAH to LLC «Aeroc», which was nationalized and owned by the state represented by the State Property Fund of Ukraine. “The amount of accrued interest for the period of the Agency's management of the company's seized funds amounted to more than 47 million UAH, which was used to restore economic activity, pay wages, and pay taxes. This is a vivid example of effective management of a seized asset,” he added.
In August 2024, ARMA and FAZUOI signed an International Interagency Partnership and Cooperation Agreement aimed at deepening cooperation in the field of detection, tracing and management of illegally acquired assets.
