--- title: "OW Capital Management: legal identity, accounts and historical portfolio" language: en canonical: https://dossiertwist.com/dossiers/ow-capital/company-and-accounts/ as_of: 2026-10-10 keywords: ["OW Capital Management","KVBZ","Stanislav Gamzalov","ZMK","ELZ","ENA","MASZ","industrial holdings"] --- # OW Capital Management: legal identity, accounts and historical portfolio - Jurisdiction: AT (AT) - Company register: FN 278008k (Austrian Firmenbuch) - VAT number: ATU62706735 (Austria) - EUID: ATBRA.278008-000 **Question.** What is the Austrian holding company, and what do its accounts actually show? **Answer.** The exact FN identity, shareholder and director records identify OW. Its 2025 negative equity is accompanied by management’s explicit solvency explanation; historic portfolio percentages require investment-specific updates. ## The exact Austrian company and its dated ownership - Analysis: OW Capital Management GmbH is the Austrian holding company registered as FN 278008k, with EUID ATBRA.278008-000 and VAT number ATU62706735. The retained registry-derived records identify Stanislav Dzhakhparovich Gamzalov as its sole shareholder, entered on 28 May 2008, and Irina Vyacheslavovna Gamzalova as its independently authorized managing director from 21 March 2012. Its registered capital grew from €35,000 to €335,000 in 2007 and to €735,000 in 2008. The company was entered in the register on 14 July 2006. [s-d3] [s-d6] [s-d23] [s-d68] [s-d85] [s-d131] [s-d170] - Qualification: A separate record’s 14 April 2006 legal-form date is not silently substituted for the July registration date. Changes of address and personal name in the filing history do not establish changes of ownership. The identically named German company with Munich number HRB 138024 is a separate entity. The subject is Austrian even though its shareholder and many industrial interests are connected to Russia. ## Negative equity and management’s solvency explanation - Analysis: OW’s filed 2025 small-company accounts report assets of €70,349,859.90, including €41,647,014.87 of financial investments and €12,356,017.38 cash. Liabilities were €119,829,335.72 and equity was negative €49,490,876.82. The investment schedule records acquisition cost of €86,612,040.87 and accumulated impairment of €44,965,026.00. The accounts report no employees. These figures describe the Austrian holding company, not consolidated revenue or assets of every industrial investment. [s-d85] [s-d86] - Qualification: Carrying values are not current sale values. The small-company filing does not identify every investment or reconstruct the present capitalization of each subsidiary. Its maturity table puts the liabilities within one year, while the narrative discusses creditor extensions; that presentation difference remains visible rather than being silently reconciled. - Response: Management expressly states that there is no over-indebtedness within the meaning of insolvency law. It relies on expected recovery in investments after the Russia–Ukraine crisis and extensions individually agreed with creditors. Negative accounting equity alone is not presented here as a court declaration of insolvency. ## A historical portfolio with different share denominators - Analysis: A description based on OW’s 2016 balance sheet listed interests of 72.435% in Zavod Metallokonstruktsy (ZMK), 96.17% in ENA, 50% in Balakovo-Centrolit, 74.8% in BEHAN, now identified as MASZ, and 25% in Kryukiv Railway Car Building Works (KVBZ). Later evidence has to be read investment by investment. The 2026 Ukrainian judgment retained the 96.17% ENA and 50% Balakovo-Centrolit positions, while the KVBZ interest passed to the Ukrainian state. [s-d15] [s-d19] [s-d68] [s-d89] [s-d90] [s-d344] - Qualification: The historical portfolio is not a current ownership certificate. ZMK’s total-capital percentage and the 17,333 of 17,947 ordinary voting shares described by the Russian court use different denominators. The 2020 related-party disclosure’s 87.8265% concerns the controlling individual at the transaction date, not necessarily OW’s direct fraction. A 2012 proposal referred to 25% plus one KVBZ share; the later confiscation identifies exactly 28,669,889 shares as 25%. ## Sources - [s-d3] Corporate registry source · s-d3 - [s-d6] Other source · s-d6 - [s-d23] Other source · s-d23 - [s-d68] Other source · s-d68 - [s-d85] Other source · s-d85 - [s-d131] Other source · s-d131 - [s-d170] Other source · s-d170 - [s-d86] Company statement source · s-d86 - [s-d15] Company statement source · s-d15 - [s-d19] Court record concerning OW Capital or the identified participant, Judiciary of Ukraine - [s-d89] Media source · s-d89 - [s-d90] Media source · s-d90 - [s-d344] Court record source · s-d344