A consortium of state-owned banks — Oschadbank and Ukreximbank — has foreclosed on the Gulliver retail and office complex: an asset with an estimated value of about $130 million has already ended up on the creditors' balance sheet, while about $370 million in debts remain the subject of lengthy legal proceedings in Ukraine and abroad. According to market participants, the banks have not yet agreed on a common strategy for the future fate of the complex.
There are fundamental differences between the state creditors: Oschad insists on stabilizing management, resuming operations, and renegotiating contracts with tenants as a way to recover the value of the asset, while Ukrexim considers the facility non-core and advocates a sale. Such different approaches complicate prompt decision-making and may extend the settlement period.
Oschadbank argues that its former owner, the Three O company, allegedly used the funds not to repay the loan, but to restore other collateral that was destroyed during the missile strikes. Ukrexim did not officially confirm this version, citing different assessments of the economic feasibility of maintaining the complex.
At the same time, Gulliver was under the watchful eye of ARMA: the agency appointed a temporary manager through an auction, after which the media reported possible connections between the new manager and the actual owner of the asset and complaints about the bidding procedure. Representatives of the regulatory authorities have not yet released their final conclusions on the legality of those procedures.
The Bureau of Economic Security reported on criminal proceedings for tax evasion in the period 2019–2021 in connection with the activities of the company-former owner - the indicated amount of tax claims is about 146 million UAH; the case is pending in court. Journalistic investigations also drew attention to certain reputational risks associated with the behavior of the ultimate owners, which require additional verification by official authorities.
