Results of Monitoring the Implementation of the Accounting Chamber’s Recommendations on ARMA

On January 28, the Accounting Chamber published the results of its monitoring of how the recommendations from the audit of the Asset Recovery and Management Agency have been implemented; the audit report itself was published in late 2024.

Of the 16 recommendations issued, 7 have been implemented and 9 are currently being implemented. A significant share of the recommendations was implemented through the law on ARMA reform adopted on June 18, 2025, which introduced a new model for selecting asset managers, set clear deadlines for transferring assets to ARMA, and improved the framework for monitoring the effectiveness of asset management.

Of course, full implementation of this law depends on the adoption of secondary legislation by the authorized entities. Here, delays persist: the procedure for selecting managers for simple and complex assets has still not been approved; there is no procedure for approving the scope of an asset manager’s expenses; and other instruments that are critical for launching the new approach to selecting managers remain pending.

The Accounting Chamber notes that the following five recommendations were not implemented within the prescribed deadline: 

1. ensuring the full acceptance into management of assets provided for by court decisions, and their subsequent effective management;
2. regulating ARMA’s interaction with prosecution authorities and pre-trial investigation bodies;
3. improving the procedure for monitoring the effectiveness of asset management and establishing clear and transparent criteria for assessing the effectiveness of asset management and preserving their economic value;
4. finalizing the Unified State Register of Assets and implementing the ARMA Asset Management System software product to automate asset accounting;
5. ensuring ARMA’s access to the Unified Register of Pre-Trial Investigations.

It is also worth noting that, under the transitional provisions of the ARMA law, the Agency had six months to identify all assets previously transferred to it for management. In public communications, the Acting Head of ARMA stated that the identification process revealed a total of 102,000 assets, of which approximately 22,000 are investment-attractive, and about 13% of all assets require further procedural follow-up.