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Ukraine's State
Property Fund (SPF) has initiated the privatization of assets seized from
Russian oligarchs, according to a July 11 statement by the Fund's press
service.
The first auction, slated for August 10 on the Prozorro.Sale platform, will be for the agricultural company Investagro, formerly owned by Russian billionaire and VSMPO-Avisma shareholder, Mikhail Shelkov.
The auction will open with a starting price of UAH 55 million ($1.5 million), and prospective bidders will need to make a deposit of UAH 11 million to participate.
"Former Russian assets will be put to work in the service of Ukraine's recovery and economic development; the aggressor must face consequences," said Rustem Umerov, Chairman of the SPF.
In 2022, Investagro reported a net profit of UAH 3.7 million. However, it has suffered a loss of UAH 7 million during the first half of 2023. The company's existing debts amount to UAH 17.2 million ($465,000).
Investagro's assets include 25 properties and 12 vehicles. The company also holds leases for 204 land plots, covering a total area of roughly 1,326 hectares.
Earlier reports indicated that the SPF plans to establish a dedicated department to manage confiscated Russian assets.
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