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 the Ukrainian courts have canceled all arrests that were previously imposed on the company's assets and accounts of the group's enterprises. The investigating judge of the Solomianskyi district Court of Kyiv was the last to cancel the arrests of the accounts of Livoberezhzhiainvest PrJSC (RayON shopping mall, Kyiv) and Pryzma Alfa LLC (CITY MALL, Zaporizhzhia).

"We continue to protect our business in Ukraine from seizure by all possible legal means. I am sure that the abolition of seizures of property and accounts of the Arricano Group companies is the only solution that will allow us to restore justice and adequacy in the case. Now we will focus on the main thing – that all unjustified accusations against Arricano are completely withdrawn, and criminal proceedings are closed", says Margus Kurm – a member of the Board of Directors of Arricano Real Estate Plc (Cyprus).

We remind, that during 2023-2024, Arricano's assets in Ukraine and employees of the company are under systemic pressure from law enforcement agencies. The ultimate goal of such actions, according to the company, is the seizure of assets by corrupt officials, which the company has repeatedly openly stated. During the consideration of cases on arrests in the courts, the lawyers of the Arricano Group gave arguments and convincing evidence about the groundlessness of the arrests of the company's assets.

The court arrests actually blocked not only the economic activities of the companies of the Arricano group, but also deprived them of the opportunity to pay national taxes and fees (VAT, corporate income tax, environmental tax), as well as fulfill credit obligations to Ukrainian banks. 

Thanks to the position of the company's management and the owners of Arricano, the group continued to work in Ukraine, paying taxes to the budget of Ukraine, giving work to citizens, as well as leaving shopping malls in front-line Zaporizhzhia and Kryvyi Rih, which at that time became important social hubs for the population of these cities.

This development gives grounds for cautious optimism in the Arricano case. However, the company does not exclude that the pressure on the company may increase again. Arricano continues to maintain contact and provide updates on the status of the case to all institutions involved in protecting business from unreasonable actions of law enforcement agencies both in Ukraine and in the EU.