On the conveyor of one of Ukraine's mineral water plants, rows of transparent bottles with blue caps bear the «Morshynska» label — 1.5 liters of strongly carbonated natural mineral water. Behind this familiar product lies a far more complex story: the corporate rights of the IDS Ukraine group, which includes the «Morshynska» and «Myrhorodska» brands, are under state management following their seizure, and their assets are linked to Russian oligarch Mikhail Fridman, who is subject to sanctions by Ukraine and its international partners. According to available data, the management of these corporate rights may soon pass to the legal firm «Prioritas» — a player described as the only independent participant in the auction, which also offered one of the most attractive and well-substantiated bids.

Who May Gain Control Over the Assets

The candidacy of «Prioritas» stands out against other claimants, among whom, according to the publication, were powerful financial and industrial groups and structures linked to major Ukrainian retail and banking. Unlike them, open data does not show any affiliation of «Prioritas» with oligarchic clans or political centers. The company has been operating since 2013 and already has experience managing large assets: in particular, it 100% owns Terra Incognita — the largest producer of tourist goods in Ukraine. The firm has a specialized team, since the manager's task is to exercise the state's rights to dividends and corporate control, not to replace the plant directors.

How the Management Model Has Changed

Previously, the competition for asset management was won by UKA «Ukrkapital», which offered a fee of 0.01% of revenue — about 100,000 UAH per year. However, this bid was later rejected due to a lack of sufficient economic justification: according to the calculations provided, such a management model could have caused damage of around 12 million UAH over three years. The publication separately mentions the link between «Ukrkapital» and the «Ukrainskyi Kapital» bank, which last year received a significant fine from the NBU, as well as with companies and individuals appearing in criminal proceedings. The new likely manager — «Prioritas» — offered a fee of 0.9%: the figure is also small, but it is supported by calculations. At the start, the manager will have to incur a number of expenses — about 5 million UAH for using electronic platforms, as well as bank guarantees and insurance; under the proposed model, the 0.9% rate allows covering the first year's startup costs and ensuring the contract's performance in the future.

Contradictory Data

The description of the previous stage of the process contains an inconsistency in wording. On the one hand, it is stated that the competition for asset management was «won» by UKA «Ukrkapital». On the other hand, it is explicitly said that its bid was rejected due to the lack of economic justification, which effectively rules out actual entry into management. Thus, one version presents «Ukrkapital» as the auction winner, while the other — as a participant whose application failed the feasibility check. Until the completion of the electronic auction and the official determination of the winner, these two interpretations remain in conflict, and the final status of «Ukrkapital» in the process requires clarification.

Exactly What Passes to the Manager

The key emphasis is placed on the fact that the manager gains control specifically over corporate rights, not over the day-to-day operations of the plants. Production, logistics, personnel, and sales continue to function within the familiar operational system. As explained in the publication, if the manager is not directly involved in the operational company's production, logistics, sales, or HR policy, it does not need a staff comparable to that of IDS Ukraine itself — its function is limited to ensuring corporate control.

Context: Sanctions, State Control, and the Auction

The commission headed by business ombudsman Anka Feldguzen reviewed the documents of the claimant companies and admitted five participants to the next stage — the electronic auction. The winner will be the one who meets the established selection criteria and offers the lowest cost of asset management services; the electronic procurement system will automatically determine it based on the auction results. Earlier, in an interview with RBC-Ukraine, Vsevolod Bilas spoke about the financial state of IDS Ukraine, tax issues, the seizure of corporate rights, and the prospects for «Morshynska».