Zelensky signs law on improving work of ARMA

The corresponding draft law No. 4503-IX was returned to the Parliament, signed by the President, Ukrinform reports, referencing the document card on the Verkhovna Rada website.

As reported, on February 12, the Verkhovna Rada of Ukraine supported in the first reading draft law No. 12374-d, which aims to eliminate gaps and corruption risks in the legislation regulating the activities of the Asset Recovery and Management Agency (ARMA).

As stated in the explanatory note to the document, the purpose of its adoption is to create conditions for economically efficient and corruption-proof management of seized assets and to correct existing institutional shortcomings that prevent ARMA from effectively performing its functions.

Thus, according to the decision of the Accounting Chamber of December 25, 2024, the results of ARMA's activities do not fully meet the expectations that envisaged the introduction of transparent and effective mechanisms for the formation and implementation of state policy in the field of management of such assets.

Deputies propose introducing a mechanism for involving professional managers from among arbitration administrators and private executors in asset management. There is also a proposal to automate the system for determining asset managers.

In addition, it is proposed that assets whose value reliably exceeds the threshold value (more than 200 times the subsistence minimum for able-bodied individuals) and whose management is economically justifiable be transferred to the ARMA.

Among other things, the draft law proposes to introduce a transparent procedure for selecting the head of ARMA and to initiate an independent external system for evaluating the institution's performance.

Photo: Office of the President