The Kyiv Appeal Court on November 13, 2024, upheld the defense's position for Arricano and rejected the prosecutor's appeal regarding the freezing of accounts belonging to the management company of the Arricano group in Ukraine (LLC "Arricano Real Estate"), as reported by the company’s press service to the "Interfax-Ukraine" agency.
“We continue our systematic and methodical efforts to restore justice for the Arricano group and to fend off raider attacks from law enforcement agencies. This ruling from the appellate court marks another successful phase in our struggle and further confirms the groundlessness of the accusations against the Arricano group. We understand that we are not in a comfort zone and are wary of further unlawful actions, which have already occurred against the company. However, we are confident that the truth is on our side, and we will defend our interests in all possible instances—until all unfounded accusations are lifted and all cases against the Arricano Group companies are closed,” stated Margus Kurm, a member of the Board of Directors of Arricano Real Estate Plc (Cyprus).
Kurm reminded that throughout 2023-2024, the company and its employees have been under systemic pressure from law enforcement agencies. The company believes that the aim of this pressure is to gain control over the assets of the Arricano group in Ukraine. The company continues to maintain contact and provide updates on the status of the case to all institutions involved in protecting the business from unwarranted actions by law enforcement agencies, both in Ukraine and the European Union.
Arricano Real Estate Plc specializes in the construction of shopping and entertainment centers and is one of the leading developers in the Ukrainian real estate market. Through its Ukrainian subsidiaries, it owns and manages four shopping centers with a total area of 147.6 thousand square meters: "RayON" and "Prospekt" in Kyiv, "Sunny Gallery" in Kryvyi Rih, and City Mall in Zaporizhzhia. The company also owns 49.9% of the Sky Mall shopping center (Kyiv) and land plots for the further construction of three projects currently in the design stage. The company is also constructing the Kyiv shopping and entertainment complex Lukianivka.
According to Opendatabot, Arricano Real Estate Plc's revenue for 2023 amounted to UAH 36 million 155.9 thousand, which is 52.8% higher than the results of 2022, while net profit increased by 2.28 times to UAH 7 million 167.7 thousand.