Lawyer: ARMA lost billions due to inaction on 21 thousand Russian-Belarusian railcars

The Asset Recovery and Management Agency has been managing about 21,000 Russian-Belarusian railcars for more than two years. During this time, ARMA has not found a use for them. This was stated by lawyer Andriy Potemkin in his blog on Ekonomichna Pravda , according to UNN .

According to the Register of Seized Assets, the Russian-Belarusian property has remained ownerless for more than two years. The ARMA has not yet ensured the safety of these assets and their economic value, assessed them, or transferred them to Ukrainian enterprises for management... The material and technical base in 2022 allowed the Agency to create a national conglomerate in the field of rail transport and logistics on its basis, which could generate multibillion-dollar revenues to the state budget. But nothing was done,

According to him, with the help of these 21,000 Russian-Belarusian railcars, during a full-scale war, the ARMA could ensure the transportation of humanitarian aid and essential goods to regions in need of support; relocation of enterprises (relocation of production facilities); evacuation of property from dangerous areas; transportation of military equipment, fuel and other resources necessary for the defense of the country (including supplies from abroad); etc.

Potemkin also noted that the average cost of renting one car per day can range from $25 to $75. The monthly rent is usually calculated with a discount for long-term use and can range from $750 to $2,250 per car ($9,000 to $27,000 per year).

Thus, by managing 21,000 railcars and the Karpaty Terminal alone, the Agency could earn between $400 million and $1 billion for the state budget in 2023-2024,

In addition, according to the law, all freight cars undergo maintenance and routine repairs throughout the year, which usually cost about $1,000 per car. Thus, in order to start operating the 21,000 Russian-Belarusian railcars, ARMA needs to spend at least $21 million on maintenance and/or $42 million on depot repairs.

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One of the main tasks of the ARMA is to manage assets seized in criminal proceedings in order to preserve or increase their economic value. In recent years, ARMA has accumulated a lot of property that could not only generate revenue for the state budget, but also be useful during a full-scale war.

For example, most of the sanatoriums transferred to ARMA could be used to rehabilitate wounded soldiers or provide shelter for IDPs.

In addition, ARMA has a lot of heavy equipment that could work for the benefit of the state. Excavators and bulldozers could be used to strengthen the defense or restore infrastructure, but in fact they are idle.

So the question arises as to why ARMA under Olena Duma focuses on formalities and bureaucracy instead of real asset management in the interests of the state.