Olena Duma resigns as head of state asset management agency

Duma requested that the government approve her resignation, noting that she is stepping down on the day a law enhancing ARMA’s institutional capacity took effect.

She stated that during her tenure, ARMA underwent significant transformation, including implementing transparent mechanisms through the Prozorro auction platform, expanding international cooperation, and modernizing the Register of Seized Assets.

“My team and I worked long toward the real transformation of the agency, starting in 2023. An agency with a highly negative reputation and zero effectiveness has finally begun to show results,” Duma wrote.

She called an international audit the “next important step” to strengthen ARMA’s operations and said she signed her resignation to ensure its independent execution.

Duma was appointed ARMA head on June 30, 2023, after serving as deputy head of the Chernihiv Oblast State Administration.

ARMA reform

The EU-integration law reforming ARMA introduces new requirements for the agency’s head, a selection process involving international experts, transparent asset management mechanisms, and oversight of asset transfers. Lawmaker Yaroslav Zheleznyak said its signing unlocks 600 million euros ($694 million) in EU aid.

On July 27, President Volodymyr Zelenskyy signed the law reforming ARMA.

On July 25, European Commission spokesperson Guillaume Mercier announced that Ukraine would receive 3.05 billion euros ($3.53 billion) instead of the planned 4.5 billion euros ($5.2 billion) under the fourth tranche of the Ukraine Facility program, as Ukraine had completed 13 of 16 promised reforms. According to Mercier, the outstanding reforms included decentralization, the ARMA reform law, and the selection of judges for the High Anti-Corruption Court.