Sale of former Ukrainian MP Medvedchuk's 92-metre yacht halted: Croatian court lifts arrest

The District Court of Split has lifted the arrest of Viktor Medvedchuk's yacht, Royal Romance, raising concerns about the potential loss of the asset. Medvedchuk, a former Ukrainian busnessman and pro-Russian politician, is also known for his connections to Putin, who is the godfather of his daughter.

Source: Yaroslav Zhelezniak, Deputy Chairman of the Financial Committee of the Verkhovna Rada (Ukrainian Parliament), on Telegram

The National Asset Recovery and Management Agency of Ukraine (ARMA) is unable to sell Viktor Medvedchuk's seized yacht, Royal Romance, because the court in Croatia has lifted its arrest.

In June 2024, the Higher Criminal Court of Croatia decided to return the case to the District Court of Split and assigned a new judge to the matter.

Quote: "Moreover, Ukraine could potentially lose this asset entirely. The District Court of Split lifted the arrest on the yacht due to… the absence of an indictment in the criminal case from the Office of the Prosecutor General," noted Zhelezniak.

He also recalled that the yacht is valued at US$200 million. Zhelezniak says this is clearly a substantial amount for the budget and the military.

The Croatian court's decision stipulates that the conditions for applying temporary measures will be reviewed every three months. 

"The delay in the criminal investigations against the Ukrainian traitor Viktor Medvedchuk has led to the lifting of the yacht’s arrest in one of the four cases, and ARMA is unable to enforce national court decisions regarding the sale of the vessel. Furthermore, this situation poses a risk that Ukraine could lose this valuable asset entirely," the published document states.

Background:

• The seized Bombardier buggies and quad bikes belonging to former MP Viktor Medvedchuk are now listed on the Prozorro sales system [a Ukrainian government electronic platform designed for the transparent and efficient sale of state and municipal assets – ed.].

• The State Bureau of Investigation has transferred the management of a US$5 million business owned by the close relatives of Viktor Medvedchuk and Taras Kozak – suspects in a state treason case – to the ARMA.

• The yacht Royal Romance has been issued a certificate of sailing under the Ukrainian flag, with the corresponding updates already made to the International Maritime Organisation.

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