Hostile Takeover: BFC Gulliver's Statement on the Transfer of its Main Asset to ARMA Management

Today, June 3rd, the Shevchenkivskyi District Court of Kyiv granted the motion of the prosecutor from the Office of the Prosecutor General and ordered the transfer of the Gulliver multifunctional complex to ARMA management. The defense side of the multifunctional complex considers this decision to be a gross violation of both procedural and substantive law. We believe that this decision was made not based on the actual circumstances of the case, but due to probable pressure on the judges. In fact, this is a hostile takeover of the business facilitated by law enforcement and security agencies.

The transfer of the Gulliver asset to ARMA management not only casts doubt on the independence and impartiality of the country's judicial system but also harms the state budget. Under such a decision, payments to state banks on loans will be suspended, amounting to approximately 40 million hryvnias per month. The management of the Gulliver multifunctional complex will continue to defend its position within the legal framework in the Court of Appeal.

Among our key arguments are:

- Gross violation of procedural rules, as the Shevchenkivskyi Court decided to transfer the asset to ARMA, contrary to the Court of Appeal's decision to arrest the property, which did not establish any possibility of transferring the complex.

- Disproportion between the value of the Gulliver multifunctional complex and the amount of allegedly unpaid taxes. Furthermore, there is no debt owed by the company to the State Tax Service of Ukraine.

- The real threat to the fulfillment of obligations to state banks, leading to a shortfall of additional funds in the state budget.

We want to emphasize that our business continues to operate under the conditions of a