Ukraine’s National Agency for Asset Recovery and Management (ARMA) has sold a large land cluster in the Carpathians — more than 460 hectares in Zakarpattia region — which the state obtained as part of a settlement with investigators in the case involving the Kaskiv brothers. The sale covered 494 land plots offered in three separate lots.
The auctions were held on January 8 in a hybrid “Dutch auction” format, featuring a declining starting price followed by a closed-bid stage. Each of the three auctions attracted only one bidder, resulting in a significant reduction in the final sale price compared to the initial valuation.
Initially, ARMA offered the three lots with a combined starting price of UAH 173.95 million. However, the total proceeds from the auctions amounted to only UAH 89.57 million. As a result, the average price of the sold land stood at UAH 1,947 per 0.01 hectare (100 sq m). For comparison, as recently as November 2024 ARMA expected to raise more than UAH 1 billion from the sale of these plots.
The first lot — 26.74 hectares (41 plots owned by Taurus Invest LLC in Khust and Mukachevo districts) — was sold for UAH 5.43 million, down from a starting price of UAH 10.45 million. The auction was won by Andrii Vinhranovskyi.
Vinhranovskyi also acquired the second, larger lot with a total area of 199.15 hectares, which includes, among other assets, the lower and upper stations of a ski lift. This lot comprised 93 plots owned by Taurus Property LLC (100.45 hectares) and 115 plots owned by Taurus Land LLC (98.69 hectares). With a starting price of UAH 75.2 million, Vinhranovskyi submitted a bid of UAH 39.1 million.
The third lot, covering 234.79 hectares, was purchased by Ihor Vlasiuk, who was the sole participant in the auction. He agreed to acquire plots owned by Borzhava Development LLC, Borzhava Invest LLC, Borzhava Land LLC, and Dumka LLC for UAH 45.03 million, compared to a starting price of UAH 88.3 million.
According to Opendatabot, Andrii Vinhranovskyi owns Ombri Investment LLC, which is part of the corporate group associated with the Lyovochkin family, and is married to Yuliia Lyovochkina. Ihor Vlasiuk, in turn, is the founder of Borzhava Asset LLC, whose ultimate beneficiaries include Vinhranovskyi himself and Renata Huseinova, the civil partner of Vladyslav Kaskiv.
The transaction is linked to plans to develop the year-round Borzhava mountain resort near the village of Pylypets. In August 2025, investigative outlet Bihus.Info published a report alleging that former head of the State Investment Agency Vladyslav Kaskiv, with the backing of Member of Parliament Serhii Lyovochkin, has been involved in preparing the project. According to journalists, Kaskiv acts as the project manager, while the actual financing is likely provided by Lyovochkin and major business figures.
Investigators also reported that the project enjoys support at a high political level. It has reportedly been personally reviewed by Davyd Arakhamia, head of the Servant of the People faction in the Ukrainian parliament, and is supported by the Zakarpattia Regional Council and the regional military administration.
