---
title: "OW Capital — ENA: historical offshore holdings, later OW control and board changes"
language: en
canonical: https://dossiertwist.com/dossiers/ow-capital/ena-ownership-and-governance/
as_of: 2026-10-10
keywords: ["OW Capital Management","KVBZ","Stanislav Gamzalov","ZMK","ELZ","ENA","MASZ","industrial holdings"]
---

# OW Capital — ENA: historical offshore holdings, later OW control and board changes

- Jurisdiction: RU (RU)
- Company register: 1035010200246 (Retained corporate identity record)

**Question.** How do the older ENA shareholders relate to the later 96.17% OW holding?

**Answer.** Issuer records document different dates and capacities. They identify earlier offshore shareholders but do not establish a common ultimate owner for them; later annual reports distinguish the successive supervisory boards.

## The older offshore holdings and later supervisory boards

- Analysis: ENA’s disclosures show an older ownership layer before the 96.17% OW holding described in the Ukrainian judgment. A 2011 resolution named Kintana, Acorient, Omni and Maltesert in a private share placement. By the June 2012 affiliated-person list, Omni held 22.54%, Acorient 24.9% and Maltesert 24.9%; a January 2012 disclosure had reduced Kintana’s interest from 23.69% to 19.69%. These are dated ownership events, not a simultaneous current cap table. [s-d63] [s-d135] [s-d143] [s-d202] [s-d249] [s-d251] [s-d400] [s-d402] [s-d403] [s-d404] [s-d406] [s-d407] [s-d409]
  - Qualification: The sources do not establish that all those offshore shareholders were beneficially owned by Gamzalov. A placement resolution is distinct from a completed transfer. ENA’s 2024 and 2025 reports identify changing supervisory boards, including Meshkov, Ibragim Gamzalov, Irina Gamzalova, Sheverdov and Magomedov in the later roster. Dzhakhpar’s 2021 mandate ended before Ibragim’s began in September; the two people must not be merged. The 2024 report lists RUB 1.5925 billion revenue and RUB 132 million capital, not OW’s standalone revenue.

## Corporate-service records do not establish ultimate ownership

- Analysis: The archive traces corporate-service and historic officer records around Fofasio, Acorient and Maltesert, and a separately identified Latvian GS Finance & Trusts company. The ICIJ data describe a historic Maltesert shareholder and service-provider chain; they do not themselves prove a link to OW’s ultimate owner. The exact Acorient Cyprus registration HE 187773 is corroborated by issuer and directory identity data. [s-d190] [s-d196] [s-d228] [s-d229] [s-d434] [s-d435] [s-d439] [s-d440] [s-d445] [s-d474] [s-d508]
  - Qualification: The issuer’s historical Kintana name has not been conclusively reconciled with the candidate Cyprus registration HE 266685. Directory snapshots also conflict over whether that candidate was dissolved or active and name different officers. Those candidate officers are therefore not attached to the issuer shareholder as established identities. Many service-company appointments do not by themselves prove a nominee relationship or wrongdoing. Offshore registration is not an adverse finding.

## Sources

- [s-d63] Company statement source · s-d63
- [s-d135] Company statement source · s-d135
- [s-d143] Other source · s-d143
- [s-d202] Company statement source · s-d202
- [s-d249] Other source · s-d249
- [s-d251] Company statement source · s-d251
- [s-d400] Company statement source · s-d400
- [s-d402] Company statement source · s-d402
- [s-d403] Company statement source · s-d403
- [s-d404] Company statement source · s-d404
- [s-d406] Company statement source · s-d406
- [s-d407] Company statement source · s-d407
- [s-d409] Company statement source · s-d409
- [s-d190] Other source · s-d190
- [s-d196] Other source · s-d196
- [s-d228] Corporate registry concerning OW Capital or the identified participant, UK Companies House <https://find-and-update.company-information.service.gov.uk/company/05175077/persons-with-significant-control>
- [s-d229] Corporate registry concerning OW Capital or the identified participant, UK Companies House <https://find-and-update.company-information.service.gov.uk/company/05175077/officers>
- [s-d434] Other source · s-d434
- [s-d435] Media source · s-d435
- [s-d439] Other source · s-d439
- [s-d440] Other source · s-d440
- [s-d445] Other source · s-d445
- [s-d474] Other source · s-d474
- [s-d508] Other source · s-d508