Arricano Real Estate PLC (Cyprus) (hereinafter referred to as Arricano), which owns 4 shopping malls in Ukraine (Kyiv, Zaporizhzhia, Kryvyi Rih) through its Ukrainian subsidiaries, announces that on December 5, 2024, the Kyiv Court of Appeal refused to satisfy the prosecutor's appeal to seize the current accounts of Ukrpangroup LLC, which is the owner of the Sun Gallery shopping mall in Kryvyi Rih. In early 2024, the Sun Gallery shopping mall suffered significant damage during a massive missile attack by the Russian occupation forces and was restored by the company in the summer of this year.

"Despite all the difficulties and obstacles on the part of the law enforcement agencies, we restored and launched the Sun Gallery shopping mall, because Arricano understands the importance of this facility for the city's infrastructure and the importance of its uninterrupted operation for the residents of Kryvyi Rih. The blocking of accounts and the possible transfer of the asset under the control of the Asset Recovery and Management Agency (ARMA) threatened that the Sun Gallery could completely stop its work. We are glad that we managed to prevent such a development", said Margus Kurm - Chairman of the Board of Directors of Arricano Real Estate Plc (Cyprus). 

Today's court decision was the third in the appellate instance in the last two months, according to which the court refused to impose encumbrances on the economic activities of Arricano in Ukraine.

"We welcome the fair position of the court, but we continue to take into account the strong risks for the future. Unfortunately, our experience in Ukraine suggests that companies interested in seizing assets may continue their illegal actions, using their influence on law enforcement agencies," said Margus Kurm. — But we maintain faith in Ukrainian justice and count on an honest investigation and a final solution to this situation in a fair way. We call on law enforcement officers to be impartial and refuse to execute orders set by someone with criminal intentions."

The decision of the Court of Appeal of December 5 is currently the last one that was considered by the courts of all instances. 

We remind, that during 2023-2024, Arricano Group companies in Ukraine are under systemic pressure from law enforcement agencies. The purpose of this pressure is to gain control over the assets of the European investor in Ukraine. 

The company continues to provide updates on the status of this unreasonable case to all institutions in Ukraine and the European Union involved in protecting business from unlawful pressure from law enforcement agencies.