Documents obtained by our newsroom expose a textbook 21st-century corporate raid in Ukraine: a bogus criminal case → no asset valuation → a rigged tender for a shell company → a multi-million-dollar factory handed over for pennies. All under the official seal of Ukraine’s National Agency for Finding and Managing Assets (ARMA).
A $300 Million Factory for $3,000 a Month
On October 31, 2025, a ProZorro tender (ID UA-2025-10-31-007869-a) appeared for the management of Cryoin Engineering LLC — a strategic manufacturer of cryogenic and gas-separation equipment. Market value of equipment alone: over $5 million. Total assets: more than $7.5 million. Before the seizure, the company paid up to $500,000 in taxes every month.
ARMA’s offer to the state treasury? A guaranteed $3,000 a month — 166 times less than real tax revenue. And they skipped the legally required independent valuation. That’s not an oversight. That’s a violation written into the contract.
Born Yesterday: The Consortium That Appeared 23 Days Before the $7.5 Million Heist
The only serious bidder: “Noble Gases” Consortium, registered October 8, 2025 — literally three weeks before the tender went live. None of its members has ever worked with cryogenic tech or even industrial gases. Paid-in capital: pocket change. Experience: zero.
To meet the minimum staff requirements after the tender was already published, they frantically added a company called A-Energy LLC on November 3. Then came the forged paperwork parade:
- Two backdated supply contracts for paint, varnish and fuel briquettes (the company isn’t even licensed for those activities; payments magically appeared after the tender started).
- Diplomas of four “qualified specialists” that don’t exist in Ukraine’s national education database.
- Training certificates for gas-purification systems issued by an institution that has no legal authority to issue them.
This isn’t sloppiness. This is deliberate fraud.
Who’s Behind the Curtain and Why the Rush?
CryoIn’s official letters to ARMA name the consortium’s real boss: Vladyslav Dmytriev — the same individual the company accuses of orchestrating the raid via a fabricated 2022 treason case (№ 42022100000000336). His partner in the scheme? Former SBU officer Oleksandr Repkin — whose “diploma” is also fake.
Why the fire-drill timeline? Current ARMA rules expire January 30, 2026. New amendments coming in February will make these giveaways much harder. So they’re racing the clock: no valuation, obvious shell bidder, mountain of forgeries.
Insiders inside ARMA (speaking on condition of anonymity) say roughly 89 % of bids to manage seized assets are either fraudulent or reek of corruption. Even by those dismal standards, this one stands out.
$200,000 or More?
A representative of the consortium has already visited ARMA headquarters to “discuss the matter.” The fact that a bidder caught submitting blatant forgeries is still in the race tells you everything: a deal was struck. The only question left in Kyiv corridors: was the price $200K… or higher?
If this goes through, Ukraine loses:
- millions in monthly tax revenue,
- a cutting-edge industrial plant,
- any chance of ever recovering a dime from a shell with zero assets.
ARMA is once again serving as the perfect “legal” front for a corporate raid.
The question for the agency’s leadership: incompetence or straight-up corruption?
The public is watching: will this robbery be stopped, or will Ukraine keep watching its best companies get auctioned off to the “right” people under the guise of law?
Time will tell exactly how much “nobility” costs in certain offices these days.
