Court ruling and key facts
On December 19, 2025, a Budapest court declared invalid the agreement transferring the premises of the Main Agency of Private Joint-Stock Company "Ukrainian Danube Shipping" (UDP) in central Budapest and ruled in favor of UDP, the Ministry for Communities and Territories Development reported. The decision concerns a building that for many years served as the contact point of the Ukrainian shipping company in Hungary.
Brief background
The ownership history goes back to sale attempts as early as 2006: at that time a contract for $8 million was signed, but the money never arrived. In 2020 a new director of the Main Agency initiated processes to rewrite ownership rights, and in early March 2022 the sale-purchase agreement with deferred payment was altered without notifying UDP's management. In August 2022 there were attempts at a forcible seizure of the premises — about two dozen young people stormed the building, after which the company deployed security and regained control of the premises.
Legal and organizational support
UDP's legal position was strengthened by engaging one of the leading international law firms, as well as by personnel changes within the company: in September 2025 UDP established a supervisory board (three independent members and two state representatives). The ministry notes that the updated management system made asset protection a priority.
"The renewal of UDP's management system played an important role in this decision. After the creation of the supervisory board, protecting this property became one of our priorities."
— Andriy Kashuba, Deputy Minister for Communities and Territories Development
Related schemes and risks
The report mentions related transactions with the Hungarian "subsidiary" Transship kft: the transfer of 91 barges from a Panamanian entity to Transship for a token price — 1 euro per vessel — while the book value of the fleet was estimated at nearly 20 million euros. This fits into a broader pattern of manipulations with foreign assets, which both UDP and the industry publication USM have highlighted.
"The building remains with UDP, although the legal process is still ongoing. But we are gradually undoing everything the fraudsters did. An appraisal of the building will be carried out; its real price is significantly higher."
— Dmytro Moskalenko, former head of UDP
Why this matters for Ukraine
This is not only a victory in a single court case. First, the Budapest decision creates a precedent for protecting Ukrainian state assets in Europe. Second, it demonstrates the effectiveness of combining management reform (a supervisory board) with a professional legal strategy. Third, it sends a signal to foreign partners and investors that Ukraine can protect its property even in complex international circumstances.
What’s next
The court verdict is an important milestone, but issues of enforcing the decision, conducting valuation expertise and restoring the economic value of the asset still lie ahead. The next steps are a final appraisal of the property, international cooperation on enforcement of the ruling, and review of other dubious schemes related to UDP's overseas infrastructure. Legal victories must translate into practical asset protection — this is a key test for state managers and partners.
Improving corporate governance and systematically protecting assets abroad are not slogans but concrete tools for security and economic resilience. Will these lessons be enough to safeguard other Ukrainian assets in Europe? That is a question that subsequent legal and political steps will answer.
