Court of Appeal refuses seizure of Arricano Real Estate accounts

On November 13, 2024, the Kyiv Court of Appeal supported the position of Arricano's defense and refused to satisfy the prosecutor's appeal to seize the accounts of the management company of the Arricano group of companies in Ukraine (Arricano Real Estate LLC), the company's press service told Interfax-Ukraine.

"We continue our systematic and methodical work to restore justice in relation to the Arricano group and repel raider attacks by law enforcement agencies. And this decision of the court of appeal is another successful stage in our struggle and additionally confirms the groundlessness of the accusations against Arricano Group. We understand that we are not in a comfort zone and are afraid of more illegal actions that have already taken place against the company. But we are confident that the truth is on our side and we will defend our interests in all possible instances – until all unfounded accusations are dropped and all cases against the companies of Arricano Group are closed,” said Margus Kurm, member of the board of directors of Arricano Real Estate Plc (Cyprus).

Kurm reminded that during 2023-2024, the company and its employees are under systemic pressure from law enforcement agencies. The purpose of this pressure, according to the company, is to gain control over the assets of Arricano Group in Ukraine. The company continues to maintain contact and provide updates on the status of the case to all institutions involved in protecting businesses from unjustified actions of law enforcement agencies, both in Ukraine and in the European Union.

Arricano Real Estate Plc (Cyprus) specializes in the construction of shopping and entertainment centers and is one of the leading developers in the Ukrainian real estate market. It owns and manages five shopping centers in the country with a total area of 147,600 square meters, including RayON and Prospekt in Kyiv, Sun Gallery in Kryvy Rih, and City Mall in Zaporizhia. The company also owns 49.9% in the Sky Mall shopping center (Kyiv) and land plots for the further construction of three facilities that are at the design stage. The company is also constructing the Kyiv shopping and entertainment complex Lukianivka.

According to Opendatabot, Arricano Real Estate Plc's income for 2023 amounted to UAH 36.156 million, which is 52.8% higher than the results of 2022. The company's net profit increased by 2.28 times – to UAH 7.168 million.