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Neglected the terms of the contract: ARMA issued an Order to the manager to eliminate the violated requirements of the legislation on asset management

10-07-2024

According to the results of the regular verification of the effectiveness of the management of the final asset, the Asset Recovery and Management Agency (ARMA) issued a Precept to LLC "Mykolaivtransbud-1". The reason was the manager's neglect of the contractual requirement regarding the official opening of a current account and insurance of the manager's assets and property liability.

This is already the sixth order issued by ARMA regarding non-fulfillment by managers of seized assets under the terms of previously concluded contracts. Since the creation of ARMA and until the beginning of 2024, only two prescriptions were issued.

In addition, in 2024, on the initiative of ARMA, two criminal proceedings were initiated regarding the criminal actions of the Managers.

Constant monitoring of the performance of contractual obligations of managers is the main tool for preventing abuse in the field of asset management, which also contributes to the transparency of management processes.