--- title: "The Morshynska Case Nears Its Finale: What Is Happening to IDS Ukraine Assets and Why Transfer to the Manager Is Complicated" description: "The HACC is close to concluding the nationalization case of IDS Ukraine assets (Morshynska, Myrhorodska). The transfer of assets to the new manager is complicated by an outdated valuation report and a discrepancy in their value." date: 2026-11-10T13:53:44.954Z lang: en url: https://xab.info/en/posts/morshynska-nationalization-ids-ukraine-assets tags: [ids-ukraine, morshynska, mirhorodska, vak, arma, nationalization, mineral-water] author: "Darya Fomina, Andrey Kosynko" publisher: "XAB.info" --- # The Morshynska Case Nears Its Finale: What Is Happening to IDS Ukraine Assets and Why Transfer to the Manager Is Complicated ![Bottles of Morshynska drinking water on the plant production conveyor](https://xab.info/media/2026/11/10/morshinskaya-natsionalizatsiya-aksivov-ids-ukraine/morshinskaya-natsionalizatsiya-aksivov-ids-ukraine-1.webp) ## Key Points - On November 9, 2026, the HACC postponed the hearing on the nationalization of IDS Ukraine assets again, but only a few hearings remain until the final decision. - ARMA is preparing a management agreement with LLC Legal Bureau Prioritas, but the March 6, 2026 valuation report expired on September 6, and the auction took place on September 7. - The value of assets according to Gold Price is about UAH 5 billion, while HACC materials show about UAH 8 billion; IDS Ukraine demands a new independent valuation. 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. ## Accounts differ ### Value of seized IDS Ukraine assets - **LLC Gold Price (valuation report used in the ARMA contest):** The value of seized assets is about UAH 5 billion. ([rbc.ua](https://www.rbc.ua/ukr/news/sprava-morshinskoyi-nablizhaetsya-finalu-1794305324.html)) - **HACC materials:** Judicial materials feature an asset value of about UAH 8 billion. ([rbc.ua](https://www.rbc.ua/ukr/news/sprava-morshinskoyi-nablizhaetsya-finalu-1794305324.html)) - **IDS Ukraine:** The company proposes to conduct a new independent valuation of assets for signing the management agreement and acceptance certificates. ([rbc.ua](https://www.rbc.ua/ukr/news/sprava-morshinskoyi-nablizhaetsya-finalu-1794305324.html)) *Where they agree:* IDS Ukraine assets are undergoing nationalization proceedings, a management agreement with the contest winner is being prepared, and the discrepancy in value figures is recognized by the parties as a subject of discussion. ## Fact-Check & Sources - [Дело "Моршинской" близится к финалу: что происходит с активами IDS Ukraine](https://www.rbc.ua/ukr/news/sprava-morshinskoyi-nablizhaetsya-finalu-1794305324.html) - Primary source: HACC hearing dates (Nov 9, 2026), Gold Price report from Mar 6, 2026 valid until Sep 6, 2026, auction on Sep 7, 2026, valuation discrepancy of 5/8 billion UAH, IDS Ukraine letter dated Nov 2, 2026, references to clause 81 of CM Resolution No. 537 and art. 21-2 of the Law on ARMA. ARMA responses to the editorial inquiry have not been received. ## FAQ ### What stage is the IDS Ukraine asset nationalization case at? As of November 9, 2026, the HACC postponed the hearing again, but a few hearings remain before the final decision of the panel of judges; after that, part of the assets must be transferred to the State Property Fund for privatization. ### What is the essence of the procedural problem during the transfer of assets to the manager? The valuation report by LLC Gold Price dated March 6, 2026, according to the registry, was valid for six months and expired on September 6, whereas the auction took place on September 7. Rules require relying on a current report when calculating the bank guarantee. ### How does the asset value differ according to various sources? According to Gold Price, the value is about UAH 5 billion, while HACC materials feature about UAH 8 billion—a discrepancy of about UAH 3 billion, which may affect the manager's financial obligations.