Ukraine nationalized the debts of the Ocean Plaza shopping mall to the Rotenberg family.

The Appeal Chamber confirmed the decision on the nationalization of Ocean Plaza's debts to the Rotenbergs

The Appeal Chamber of the High Anti-Corruption Court of Ukraine (VAKS) upheld the first-instance decision regarding the nationalization of multimillion-dollar debts of the Ocean Plaza shopping and entertainment center to Russian oligarch Arkady Rotenberg, his son Igor, and two other individuals through the imposition of sanctions on the loan. This was reported by the press service of the Ministry of Justice of Ukraine.

It is noted that rights of claim associated with a Rotenberg offshore company have been seized for the benefit of the state, namely:

• the right of claim under loan agreement No. 1 dated 27.10.2009, concluded between LLC 'IS Lybid' and Ethoder Investments Limited;
• the right of claim under the mortgage agreement dated 28.03.2014, concluded between LLC 'IS Lybid' and Ethoder Investments Limited;
• the right of claim under the pledge agreement dated 14.04.2014, concluded between LLC 'Avangard-Vilarti' and Ethoder Investments Limited.

The Ministry of Justice notes that the VAKS Appeal Chamber's ruling takes effect immediately upon its announcement and is not subject to appeal in cassation.

The Ocean Plaza shopping mall was one of the largest in Ukraine. It opened on November 19, 2012. The building's area is 165 thousand square meters. A beach complex 'City Beach Club' is located on the roof. Since August 2022, it has been managed by the Asset Recovery and Management Agency (ARMA).

It is worth adding that Ukraine has put the sanctioned Russian oligarchs Arkady and Igor Rotenberg on the wanted list. They are close to dictator Vladimir Putin. According to the Ministry of Internal Affairs' wanted list, Arkady Rotenberg is being sought by the National Police's Strategic Investigations Department, while his son Igor Rotenberg is being sought by the National Police.

Both have the date of disappearance listed as August 17, 2022. Arkady and Igor Rotenberg are accused of:

• financing actions aimed at violent change or overthrow of the constitutional order or seizure
• of state power, changing the borders of the territory or state border of Ukraine;
• laundering property acquired by criminal means;
• failing to pay taxes and fees (mandatory payments).

Arkady Romanovich Rotenberg is a Russian oligarch, a close friend of Vladimir Putin, who is under international sanctions. His wealth is estimated at $3.5 billion.

His son Igor Rotenberg is also an oligarch and is under sanctions from Western countries.

Earlier, it was reported that the State Property Fund of Ukraine and the minority shareholder UDP are trying to clean up Ocean Plaza from a $200 million debt to the former Russian owner, the Cypriot company Ethoder Investments belonging to the Rotenberg family. This debt arose during the construction of the shopping mall.

The High Anti-Corruption Court made a decision to confiscate the Ukrainian assets of Arkady Rotenberg, including the Ocean Plaza shopping mall.