--- title: "OW Capital and Balakovo-Centrolit: the 50% stake, loans and assigned claims" language: en canonical: https://dossiertwist.com/dossiers/ow-capital/balakovo-centrolit-financing/ as_of: 2026-10-10 keywords: ["OW Capital Management","KVBZ","Stanislav Gamzalov","ZMK","ELZ","ENA","MASZ","industrial holdings"] --- # OW Capital and Balakovo-Centrolit: the 50% stake, loans and assigned claims **Question.** How much of the Balakovo-Centrolit debt is actually attributed to OW? **Answer.** The judgment identifies a 50% equity interest, US$10.635 million of OW advances and assigned claims. The US$81.3563 million aggregate balance belongs to several lenders, not OW alone. ## Equity, assigned claims and the multi-lender debt balance - Analysis: The Ukrainian judgment describes Balakovo-Centrolit as owned 50% by OW and 50% by RRR Holdings, later redomiciled as Kirk-Investment, in 2024. OW advanced US$10.635 million under 2015–2016 loan contracts, and also received claims assigned by Fofasio. The US$81.3563 million loan balance at 31 December 2024 was owed to several lenders, including OW, with repayment due no later than November 2032. [s-d19] [s-d58] [s-d142] [s-d156] [s-d290] - Qualification: The total multi-lender balance is not wholly an OW loan. A debt assignment is different from equity ownership. Press accounts describing Gamzalov’s wider control of Balakovo industrial plants do not supply a complete present direct share register for VSZ. Nikita Mishin’s successive executive roles at VSZ and Balakovo-Centrolit are dated offices, not personal ownership. ## Sources - [s-d19] Court record concerning OW Capital or the identified participant, Judiciary of Ukraine - [s-d58] Other source · s-d58 - [s-d142] Other source · s-d142 - [s-d156] Media source · s-d156 - [s-d290] Media source · s-d290