Interim Leadership at ARMA: Changes in Asset Management and Future Reform Prospects
In August of this year, Ukraine witnessed significant personnel changes within a key state agency — the Asset Recovery and Management Agency (ARMA).
Against a backdrop of political and economic instability, Yaroslava Maksymenko was appointed as the acting head of the agency.
This decision was formalized through government Order No.
842-р, published on August 14, and shortly thereafter, Ukraine’s Minister of Economy, Environment, and Agriculture Oleksii Sobolev introduced her to the agency’s team.
According to the minister, Maksymenko possesses extensive experience working with sanctioned assets and is well-versed in managing seized property, which remains one of the agency’s core responsibilities.
The minister emphasized that the reform law adopted this summer aims to strengthen ARMA’s institutional capacity and expand tools for managing assets, including those under sanctions.
The agency’s current priorities include conducting an independent audit and launching a new competition for the agency head position.
On August 13, Maksymenko was also appointed Deputy Head for European Integration, marking a further step in her career development.
Previously, she led the Property and Sanctions Policy Department at the Ministry of Economy, where she was involved in shaping and implementing sanctions policies and managing sanctioned assets.
Additionally, Maksymenko was among the key architects of reforms within the public sector, participating in the implementation of the ProZorro and ProZorro.Sales projects, which significantly improved transparency and efficiency in managing state assets.
It is noteworthy that President Volodymyr Zelensky signed the ARMA reform law, passed by the Verkhovna Rada, on July 27, which heralds a new phase in the agency’s activity.
The law stipulates new requirements for leadership, including a competitive selection process with the involvement of international experts, and ensures transparent rules for asset management and transfer controls.
This reform is part of Ukraine’s obligations under the Ukraine Facility program, aimed at receiving financial aid from the European Union.
Unfortunately, on July 30, former head Oлена Duma resigned, after which the government formally dismissed her from the position.
Meanwhile, various experts and analysts have expressed concerns that despite numerous reforms and changes, ARMA continues to demonstrate achievements without effectively fulfilling its core missions and responsibilities, raising questions about the overall effectiveness of the current asset management system in Ukraine.
Specifically, analyst Pavlo Demchuk in his article “Reset for ARMA: How the Reform Will Change Management of Seized Assets” explains what needs to be done and what changes should take place to revitalize the agency and make it more transparent and efficient in fulfilling its functions, thereby increasing public and international trust in Ukraine’s asset management system.