A Strategic Victory: The State Property Fund of Ukraine (SPFU) Regained State Control Over OJSC "RDMA "Dialir" After Nearly 20 Years of Bankruptcy Proceedings!

On September 14, 2026, the Kyiv Commercial Court finally put an end to the company’s bankruptcy case, which had been ongoing since 2007. The court granted the Fund’s motion to close the proceedings, paving the way for the privatization of the state’s corporate rights.

The exposure of this large-scale scheme and the recovery of assets were made possible primarily thanks to the Department of Bankruptcy and Liquidation, acting on the decision of the State Property Fund of Ukraine (SPFU). It was the department’s specialists who uncovered the criminal scheme five years ago and who, throughout all these years, have been the unwavering leaders and driving force behind the fight to protect state property.

After 12 years of a dubious “reorganization process,” the state is finally obtaining full rights to manage the state-owned company. We have paved the way to appoint legitimate governing bodies, carry out the dematerialization of shares, and prepare the asset for transparent privatization.

In unraveling the scheme exposed by the State Property Fund of Ukraine’s Bankruptcy Department, law enforcement agencies (the Security Service of Ukraine, the State Bureau of Investigation, and the Office of the Prosecutor General) have documented the involvement of Volodymyr Sivkovych, former Deputy Secretary of the National Security and Defense Council of Ukraine.

Law enforcement agencies have now notified Sivkovych and two of his business partners that they are suspected of violating several articles of the Criminal Code of Ukraine (fraud, money laundering, and abuse of office). The investigation into other accomplices is ongoing.

Details of the brazen scheme uncovered by the State Property Fund of Ukraine:

In 2021, an illegal restructuring plan was approved: new “investors” were to pay off the company’s debts in exchange for all of its assets;

the value of the unfinished construction projects was artificially lowered to UAH 31.3 million, “forgetting” about more than 21 hectares of land in Kyiv!;

The completed properties were handed over to the “investors” at the price of construction materials (UAH 50 million), even though the actual pre-war value of the assets, including the land, ranged from UAH 345 million to UAH 745 million.

Thanks to the consistent stance of the State Property Fund of Ukraine (SPFU) and joint efforts with the Ministry of Health, the Security Service of Ukraine (SBU), and the prosecutor’s office, the Supreme Court overturned the illegal reorganization plan. Of the three groups of stolen real estate properties, court rulings have been obtained for two of them—thanks to the active efforts of the State Property Fund and the Prosecutor’s Office—to annul the illegal registration of ownership rights in the names of the “investors.” However, the fight to return all assets to state ownership is still ongoing.

Following a transparent privatization tender, this asset will not only cover old debts but also generate significant revenue for the state budget—which is particularly important during martial law.

We continue to work for the sake of economic security and the interests of the state!