Fintonik LLC (Kyiv) won the auction held by the state-owned Oschadbank on December 10 for the sale of a pool of loans to the Ukrlandfarming group of companies (Ukrlandfarming, ULF), offering the minimum possible price of UAH 1.13871 billion at a starting price of UAH 5.03852 billion.
According to data from the Prozorro.Prozori system, Fintonik, 80% of which is owned by Andriy Shpylka from Kryvyi Rih and 20% by former SCM director of new business development Mykola Nesterenko, was the only participant in the auction.
According to the protocol, the remuneration of the electronic platform SKOMPANI LLC, through which the application was submitted, amounted to UAH 17.08 million and will be paid from the UAH 75.58 million guarantee deposit.
Earlier, Oschadbank noted that this stage of the sale, at which the minimum price was reduced by 44%, was the final one, because after a series of previous auctions with a gradual reduction, the possibility of further price adjustments had been exhausted.
The auction included claims under loan agreements and related collateral agreements of borrowers — the ULF group of companies (PJSC Raise-Maksymko, PJSC Agroholding Avangard, Imperovo Foods LLC) and Pakko Holding LLC.
“The current auction is the last chance for potential investors to purchase a pool of secured loans, which includes production assets throughout Ukraine: elevators, poultry farms, an egg processing plant, etc., as well as guarantees from individuals and legal entities,” Oschadbank emphasized. It noted that if the auction is unsuccessful, it will proceed with the active implementation of a liquidation scenario to collect the debt.
In early December this year, the Antimonopoly Committee of Ukraine (AMCU) fined TNA Corporate Solutions LLC (USA) and American citizen Nicholas Piazza (Nicholas Piazza) for violating the law when concentrating shares in the authorized capital of 14 enterprises of the Ukrlandfarming group, which was one of the largest agricultural holdings in Eurasia.
The agricultural holding claims that it remains one of the largest in Ukraine despite $1.2 billion in losses due to Russia’s military aggression. A significant portion of ULF’s financial obligations have been in default since 2017. In November 2017, a group of international creditors of Ukrlandfarming and Avangard estimated the total amount of ULF’s debt obligations at approximately $1.65 billion in a letter to the Ukrainian government: about $1.25 billion in debt obligations to international creditors and about $400 million to Ukrainian banks (including state-owned banks). In turn, according to their data, the debt to international creditors at that time consisted of approximately $775 million in Eurobonds and $475 million in credit debt to European and American banks (and their respective credit risk insurers).
In October last year, Ukrlandfarming announced that the lawsuits filed by Gramercy Funds Management LLC and its affiliates against Bakhmatyuk, Piazzi, Oleksandr Yaremenko, SP Capital Management LLC, TNA Corporate Solutions LLC, and/or Maltofex Ltd had been voluntarily withdrawn with a final waiver of claims, and the parties had entered into a confidential settlement agreement in connection therewith.
“Now that the litigation against Mr. Bakhmatyuk has been concluded, the company can more freely negotiate with creditors and focus on growing and rebuilding its business after losing approximately half of its value due to Russia’s invasion of Ukraine,” the release said at the time.
According to the NBU, as of early September this year, Oschadbank, with total assets of UAH 479.1 billion (12.3% of the total), ranked second among 60 banks in terms of this indicator.
The industrial complex of the former Irkliiv Butter and Cheese Factory in Cherkasy Region is being offered for sale on the OpenMarket electronic platform. The starting price of the lot is UAH 10.9 million, according to the State Enterprise “SETAM” of the Ministry of Justice of Ukraine.
The property, located in the village of Irkliiv, Chornobaivskyi district, includes several non-residential properties with a total area of 5,222.8 square meters. The complex has a developed engineering infrastructure: electricity supply with a connected capacity of 1,159.2 kW, an operating sewage pumping station, a water tower, and its own well.
“The sale of such properties through open bidding is a way to modernize regional industry. We believe that our auction will help find an investor who can unlock the potential of the enterprise and create jobs,” said Roman Osadchuk, CEO of SETAM.
The auction for the sale of the property will take place on December 18, 2025. The OpenMarket electronic trading system, which has been operating in Ukraine since 2014, is one of the key tools for online asset purchases. In total, property worth more than UAH 26.6 billion has already been sold through the system.
AUCTION, CHERKASY REGION, Irkliivsky Butter and Cheese Factory, OPENMARKET
The Ministry of Finance added euro-denominated domestic government bonds maturing on May 6, 2027, to the primary auction on Tuesday, December 9.
According to the updated placement calendar, the rest of Tuesday’s auctions remain unchanged: traditional offers of four issues of government bonds in hryvnia – 1.1 years, 1.7 years, 2.5 years, and 3.1 years, as well as 1.5-year dollar-denominated government bonds.
On November 18, the Ministry of Finance already held an unscheduled auction for the placement of OVDPs in euros, for which a total of EUR 6.7 million in bids were submitted for EUR 100 million, and the cut-off rate remained at 3.25%.
As for dollar-denominated government bonds, last Tuesday the Ministry of Finance refused to put them up for sale, and at the last auction on November 25, it was able to attract $121.2 million for offers of $200 million, but at the same time lowered the cut-off rate from 4.05% to 4.02%, and the weighted average rate from 4.01% to 3.98%.
As for hryvnia bonds, their placement rates have remained unchanged since April this year: 16.35% for 13-month securities, 17.1% for 19-month securities, 17.5% for 28-month securities, and 17.8% for 36-month securities per annum.
According to the updated placement calendar, there are currently no offers for either currency OVDPs or benchmark OVDPs, which banks can use to partially form reserves, at the last two auctions on December 16 and 23.
Auctions for the right to special use of aquatic biological resources in fishery water bodies (or parts thereof) in 2026 will be held on December 8 in the Prozorro.Prozori state electronic trading system, according to the State Agency for Fisheries.
“This will allow entrepreneurs to prepare their material and technical base in advance and plan their economic activities,” the agency noted.
A total of 246 lots will be put up for auction for industrial fishing in 2026, namely: Kremenchuk Reservoir – 59 lots, Dnipro-Buzka Estuary System – 35 lots, Kamyanske Reservoir – 32 lots, Kaniv Reservoir – 27 lots, the lower reaches of the Dniester River (with lakes, the Turunchuk branch) and the Dniester Estuary – 17 lots, the Danube River – 16 lots, Kyiv Reservoir – 15 lots, Dnipro Reservoir – 11 lots, Tiligul Estuary – 10 lots, Berezan Estuary – 8 lots, Dnipro River within Chernihiv Oblast – 8 lots, Desna River with lakes within Chernihiv Oblast – 8 lots.
The State Agency for Fisheries invited business entities that plan to engage in commercial fishing and have declared their right to do so by submitting a corresponding electronic declaration to participate in the auction.
“This is your opportunity to legally, transparently, and honestly obtain the right to industrial fishing, contributing to the food security of the state,” the agency emphasized, adding that detailed information about the lots, auction dates, starting prices, guarantee deposit amounts, volumes and types of aquatic biological resources, fishing gear, etc. can be found on the State Agency for Fisheries’ information resources and in the state system “Prozorro.Sales.”
The National Agency of Ukraine for the Identification, Investigation, and Management of Assets Derived from Corruption and Other Crimes (ARMA) has put up for auction land plots of ski resorts in the Zakarpattia region and the lower station with a chairlift and the upper station of a ski lift with the consent of the owners for a total amount of over UAH 347 million.
According to the announcement on the Prozorro.Prozori platform, one of the lots included 115 land plots with a total area of about 98 hectares in the Khust district (Pylypetska OTG), 93 land plots with a total area of over 98 hectares in the Svalyava (Bereznykivska SR) and Khust (Pylypetska OTG) districts of Zakarpattia region, as well as the lower station with a chairlift and the upper station of a ski lift.
The starting price of the lot is UAH 150.4 million.
The other lot includes 145 land plots belonging to Borzhava Development LLC, 56 land plots belonging to Borzhava Invest LLC, 42 land plots belonging to Borzhava Land LLC, and two land plots belonging to Dumka LLC. The land is located in the Mukachevo and Khutsk districts of Zakarpattia.
The starting price is UAH 176.5 million.
The third lot includes 41 land plots owned by Taurus Invest LLC, also located in the Mukachevo and Khutsk districts of Zakarpattia.
The starting price is UAH 20.9 million.
It is noted that consent to the sale of the seized property was given by the owners of the assets of Borzhava Development LLC, Taurus Property LLC, Taurus Land LLC, Taurus Invest LLC, Dumka LLC, Borzhava Land LLC, and Borzhava Invest LLC.
Auctions based on the English model are scheduled for December 2.
According to Opendatabot, the ultimate beneficiary of these companies is Austrian citizen Gernot Leitner, a representative of the Austrian ski industry and a long-time participant in the preparation of the Summer and Winter Olympic Games.
As reported, the state began searching for investors for the construction of the Borzhava ski resort back in 2013 to implement the project “Olympic Hope 2022: Creation of Sports and Tourism Infrastructure.” However, a number of projects, including Olympic Hope 2022, were not implemented due to embezzlement by officials of the State Agency for Investment and National Projects Management and the State Investment Company, as revealed by detectives from the National Anti-Corruption Bureau of Ukraine.
Later, in 2020, Leytner presented the resort project. Construction was scheduled to begin in 2021.
The state is preparing a repeat auction for the privatization of Odesa Port Plant (OPP) to find a strategic investor, possibly at a reduced price, according to the Ministry of Economy, Environment, and Agriculture after the auction scheduled for November 25 with a starting price of UAH 4.49 billion failed due to a lack of participants.
“The conditions for privatizing this asset were difficult from the outset, as the facility requires significant investment and specialized expertise. There is interest in the company on the market, but at the same time, international partners have emphasized the need for additional time and adjustments to certain conditions for full participation,” the Ministry of Economy said in a statement on Telegram.
The ministry added that in the current conditions of martial law and high risks, large industrial assets face a number of objective challenges: for OPZ, these are not only market conditions and security factors, but also the total cost, which may exceed the starting price, in particular, investment obligations.
“In order to increase the chances of selling assets at market value, the ministry supported a bill by a group of MPs that provides for the possibility of putting up large privatization objects with a gradual reduction in the starting price,” the message says.
The Ministry of Economy reminded the auction winner of the main investment obligations: to maintain the main activities of the plant; to invest at least UAH 500 million in the modernization of facilities and the development of production; repay within 12 months the debts on wages and to the budget, which as of the end of June 2025 exceeded UAH 366.8 million; gradually repay overdue accounts payable (except for claims of sanctioned persons and structures associated with the Russian Federation/Belarus) and comply with environmental and social standards.
OPZ’s revenue for January-June this year amounted to UAH 322.63 million, while its net loss was UAH 280.79 million. In 2024, the plant increased its revenue to UAH 944.22 million from UAH 494.57 million a year earlier, but its net loss increased to UAH 1 billion 839.3 million from UAH 1 billion 94.58 million.
Acting Chairman of the Board and Director of OPZ Yuriy Kovalsky said in an interview with NV Business in August this year that in August 2024, the plant’s management tried to launch one of the two ammonia units, but this step was not successful. Since then, OPZ has been converted to grain transshipment, and this activity has been the company’s only source of income, but at the end of June, as a result of a Russian air attack, the storage facilities were significantly damaged, which suspended transshipment operations. According to Kovalsky, OPZ’s partner in grain transshipment is the trader V AGRO LLC. In the 2024-2025 marketing year, approximately 638,000 tons of grain were transshipped: 625,000 tons of corn and 12,700 tons of soybeans.
The acting chairman of the board also said that OPZ had significantly optimized its costs, sold non-core assets, and was actively working with creditors, in particular Naftogaz of Ukraine, to offer a future investor a viable debt structure of about UAH 2.5 billion.
Kovalsky noted that for security reasons, OPZ does not plan to resume production in the near future, but is maintaining its production lines in full technical readiness so that it can resume operations as soon as possible. He estimated the cost of restarting the plant at approximately 30 million cubic meters of gas.
Ukraine has tried several times to privatize the enterprise, but without success. In 2009, the winner of the tender for the sale of OPZ was Nortima, a company controlled by the former owner of PrivatBank, Ihor Kolomoisky, for UAH 5 billion. However, the tender commission refused to recognize the company as the winner due to the low price and suspicion of collusion among the participants, and declared the tender invalid.
Then, in 2016, Ukraine twice put 99.567% of OPZ shares up for sale: in July at a starting price of UAH 13.175 billion, and in December at a reduced price of UAH 5.16 billion, but both times without success. The lack of interest in Odesa Port Plant was linked, in particular, to its debt of over $250 million to Dmitry Firtash’s structures, as confirmed by the Stockholm Arbitration Court.
At the end of July 2018, the State Property Fund of Ukraine selected a consortium led by Pericles Global Advisory, consisting of White&Case LLP, Kinstellar, KPMG Ukraine, and SARS Capital, as an investment advisor for the privatization of Odesa Port Plant. Before the coronavirus crisis, it was expected that the company could be put up for sale as early as August 2020, but the Fund then postponed these plans until 2021 and ultimately did not implement them. In the last years before the war, fertilizer production at the company was carried out intermittently on a tolling basis.
