ARMA has selected a receiver for IDS Ukraine: a law firm will manage Morshynska's assets

On September 23, the ARMA commission appointed an administrator for the corporate rights of the IDS Ukraine group, which includes the “Morshynska” and “Mirgorodska” brands. The law firm “Prioritas” was selected as the winner of the competition.

 

ARMA selected “Prioritas” Law Firm LLC as the winner of the competition. This concerns the corporate rights of the IDS Ukraine Group—one of the largest producers of bottled water in Ukraine, which includes, among others, “Morshynska” and “Myrhorodska.”

According to data from public registries and financial statements, “Prioritas” falls into the category of micro-enterprises. The company’s authorized capital is 1,000 UAH, and it has a staff of three employees. Net income for 2025 amounted to approximately 8,400 UAH.

By comparison, IDS Ukraine’s consolidated revenue for 2025 was approximately 7.4 billion UAH; the group’s companies employ about 3,000 people, and the value of its assets, according to public estimates, reaches approximately 8 billion UAH.

At the same time, ARMA itself stated that under the new tender rules for IDS Ukraine, the requirements for candidates had been tightened and additional mechanisms for controlling the management of strategic assets had been introduced.

According to Forbes’ coverage of the bidding process, the commission deemed Prioritas’ bid justification to be sound. Company representatives explained that they plan to reduce management costs and increase asset returns, in particular by expanding exports and optimizing logistics.

“Following this, the commission voted to announce the auction results and declared Prioritas the winner. The decision regarding the selection outcome was recorded in the minutes; however, a management agreement has not yet been signed,” the publication reports.

In justifying its proposal, “Prioritas” noted that the asset would be managed without creating separate structural units and without a significant increase in staff. The company plans to utilize existing employees and engage specialists on an outsourced basis.

Some questions arose regarding the proposal’s financial model. The analysis of the tender documentation indicates that the participant’s calculations did not properly account for certain mandatory tax payments. Discrepancies were also identified in the calculation of the manager’s expected remuneration.

Another aspect is asset insurance. The draft ARMA agreement stipulates the manager’s obligation to insure the assets in favor of the agency for their full appraised value.

At the same time, Prioritas’ documents note that there is no suitable insurance product available on the market. The insurance reserve allocated by the company amounts to 600,000 UAH per year.

As is known, ARMA rejected the proposal from the first bidder—Asset Management Company “Ukrcapital”—which offered to manage the asset for a fee of 0.01% of net profit. The agency then moved on to the next proposal—from “Prioritas”—with a fee of 0.9%.

The competition was held with the participation of the Commission for the Selection of Complex Asset Managers. Anka Feldhusen, Ukraine’s Business Ombudsman, was elected chair of the commission in April 2026. ARMA stated at the time that her participation would strengthen the independence of and confidence in the manager selection process.

Therefore, the decision regarding IDS Ukraine raises questions not only about the specific winner but also about the criteria by which the state determines a private company’s ability to manage assets of this scale, specifically:

• how a company with a registered capital of 1,000 UAH, three employees, and no comparable, verified operational experience will ensure
• manage the corporate rights of a multi-billion business;
• whether the feasibility of its financial model has been sufficiently verified;
• how the requirement for asset insurance will be met;
• who will bear responsibility if the proposed management model proves unviable.

These questions must be answered publicly—especially given that this concerns one of the largest assets transferred to the state for management.

Source: Forbes Ukraine

Previously, ARMA rejected the winning bidder for the management of “Morshynska.”

ARMA explains that transferring seized assets to management is necessary to ensure they do not lose their value and can operate in the state’s best interests. In the case of “Mozart,” the goal is to maintain the operations of the existing hotel and restaurant complex and generate revenue from its activities. This was reported by ARMA’s press service. 

ARMA has announced tenders to select managers for several seized assets. Among them is the property of Betonbud LLC, which, according to the agency, is linked to former People’s Deputy Viktor Medvedchuk. They are also seeking managers for seized railroad cars and flatcars.