The trial in the High Anti-Corruption Court (HACC) regarding the nationalization of assets of the IDS Ukraine group of companies—the producer of Morshynska and Myrhorodska mineral waters—is nearing completion. On November 9, 2026, the panel of judges postponed the hearing once again, but according to participants in the process, only a few hearings remain before a final decision is reached. The proceedings have lasted for over two years, and after the decision is handed down, part of the sanctioned individuals within the enterprise's ownership structure must be transferred to the State Property Fund of Ukraine for further privatization.

The Finale of the Process and the Fate of Assets

As RBC-Ukraine notes, despite the repeated postponement, the dynamics of the case indicate its speedy conclusion. The key outcome of the national production will determine precisely which shares and assets will pass into state ownership and be put up for privatization. Simultaneously with the judicial track, the administrative track is underway: the Asset Recovery and Management Agency (ARMA) is preparing to sign a management agreement for the seized assets with the contest winner, LLC Legal Bureau Prioritas.

Procedural Collisions During Transfer

A number of procedural issues have arisen at the stage of formalizing the management agreement. According to the contest documents, the value of the seized IDS Ukraine assets was determined by LLC Gold Price in a report dated March 6, 2026. According to the Register of Seized Assets, the validity period of this report was six months and expired on September 6, 2026. At the same time, the management rights auction itself took place on September 7—the day after the valuation validity period expired.

Requirements for Current Valuation

The procedure for transferring assets is regulated, in particular, by paragraph 81 of the Model Management Agreement (Cabinet of Ministers Resolution No. 537) and the terms of the ARMA contest: the calculation of the manager's bank guarantee (2% of the market value) must be based exclusively on a current valuation report as of the date of the guarantee's provision. Article 21-2 of the Law on ARMA also establishes that the current market value serves as the basis for the manager's financial obligations and the asset management plan.

Discrepancy in Asset Value

A separate issue concerns the figure itself. According to LLC Gold Price, the value of the assets is about UAH 5 billion, while the HACC materials feature an amount of about UAH 8 billion. The discrepancy is estimated at approximately UAH 3 billion and can directly affect the calculation of the bank guarantee and the financial obligations of the future manager. Against this background, on November 2, IDS Ukraine sent a letter to ARMA proposing to conduct a new independent valuation of the assets for signing the management agreement and acceptance certificates.

Company Position and Editorial Inquiry

IDS Ukraine emphasizes that signing documents based on an outdated report creates risks of judicial challenge to the bidding results. The company also states that the actions of ARMA officials, in its opinion, require verification for potential signs of offenses under Articles 364 (abuse of power or official position) and 367 (official negligence) of the Criminal Code of Ukraine. RBC-Ukraine editorial office sent an official information inquiry to ARMA asking to clarify whether the agency plans a new valuation, on what legal grounds it is using the March 6 report and how it assesses the discrepancy in value, as well as at what stage the conclusion of the agreement with LLC Legal Bureau Prioritas is, whether permission for concentration has been obtained from the Antimonopoly Committee of Ukraine, and within what timeframe the assets are planned to be transferred to the State Property Fund. ARMA's responses will be published upon receipt.