OW Capital — Evidence records

attributedOW 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.

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.

attributedOW’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. ^{5 8}

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.

attributedA 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.

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%.

attributedThe retained sanctions records identify OW by the same FN 278008k and identify Stanislav Gamzalov separately. They report Ukrainian restrictions under decree 279/2023 from 12 May 2023 for five years, including asset blocking. The subsequent Ukrainian confiscation judgment expressly applies the sanctions framework to the identified shareholder and the OW-held KVBZ stake.

qualification

Aggregator candidate warnings and control-based tags are screening leads, not separate convictions or proof of a designation by every jurisdiction. This dossier does not certify the absence of sanctions elsewhere. A sanction, a civil confiscation decision and a criminal finding of guilt are different legal events.

attributedOn 7 October 2026 Ukraine’s Ministry of Justice announced a new High Anti-Corruption Court claim against Stanislav Gamzalov and Inter Cargo Company seeking recovery of 79 railway wagons. Its announcement alleged that the enterprises materially supported Russia’s armed aggression and referred to the earlier KVBZ recovery. ^{20 21 22}

qualification

The ministry is a party stating its case. The retained announcement establishes a filed request, not a judgment transferring these 79 wagons or a conviction. This October proceeding must remain separate from the completed January KVBZ judgment and April register transfer.

response

No substantive response to this new claim, or final ruling on it, is established by the retained October announcement.

attributedInter Cargo Company is the Russian transport-leasing company OGRN 1097746377530. Registry history records Gadzhi Murtazaliev’s general-director mandate from February 2021 to August 2024, followed by Stanislav Gamzalov. The 2026 Ukrainian judgment identifies Gamzalov as its beneficiary and controlling executive. Older public records described Dowden Investments at 60% and Sergey Reva and Viktor Nemirko at 20% each in a 2017 ownership snapshot.

qualification

Removal of founder fields from the Russian joint-stock register in 2022 is not evidence of a completed sale that day. The old 60/20/20 snapshot does not conclusively identify present shareholders. Property taxes and trademark entries do not identify the beneficial owner of every property or establish that the taxes relate specifically to the purchased ELZ site. The pending October wagon claim and the old ELZ asset transaction have different legal statuses.

attributedOn 14 January 2026 the High Anti-Corruption Court of Ukraine ordered 28,669,889 KVBZ shares held by OW, representing 25% of capital and nominal value UAH 21,502,416.75, recovered for the state. The full decision was prepared on 16 January. The issuer’s 17 April disclosure says the judgment took effect on 27 January and that the register received on 15 April changed OW’s interest from 25% to zero and the state’s from zero to 25% of capital, or 25.0717% of voting shares. The earlier 2022 ARMA arrangement was management of the arrested securities account, not a transfer of ownership.

qualification

The ruling is a sanctions confiscation decision, not a criminal conviction. The personal name is redacted in the official judgment; the unique OW identity, ownership and issuer records support the corporate chain without publishing private identifiers. Registry history entries from earlier years cannot postpone or erase the documented 2026 transfer.

response

The court records that the individual did not appear and provided no substantive response. OW also did not appear or supply substantive explanations; the court considered its notice through published notices adequate. The KVBZ representative supported the ministry’s claim despite the company’s formal third-party alignment on the defendant’s side. Nonappearance is not an admission.

outcome

The April issuer disclosure supplies the completed transfer, beyond the January ruling alone. A separate 7 April order lifted the earlier arrest of the 25% stake and took effect on 14 April. The historical OW–KVBZ ownership edges therefore end with the 2026 confiscation and recorded transfer.

attributedThe Ukrainian court found that Gamzalov controlled Inter Cargo Company and, through OW, held the documented interests in ZMK, ENA and Balakovo-Centrolit. It relied on Russian tax payments and specified industrial contracts when applying the statutory grounds for recovery. The judgment discusses ZMK rail-related supply contracts and ENA pump contracts, including a 2017 shipyard contract as well as civil and nuclear-sector customers. ^{10 36}

qualification

These are the court’s findings and reasoning in that sanctions case. Historic contracts are not proof of new shipments in 2026. The court’s aggregate tax calculation is not a payment made by OW itself, nor does the ownership chain establish that every director personally participated in each industrial transaction. The judgment is not generalized here into a criminal conviction of the network.

response

The court records nonappearance and no substantive explanations from OW or the individual, while KVBZ supported the claim. The separate Russian ELZ liability litigation reached a favorable result for its defendants on different claims and must not be conflated with this sanctions proceeding.

attributedThe retained company records identify Instrumentalnyi Zavod (IZ, registration 21073227) and V.N.V. (39564144) as wholly owned KVBZ subsidiaries. Gamzalov’s recorded relationship was an indirect interest through the parent, not an independently established personal holding of all their shares. On 17 September 2026 the Holosiivskyi district court granted V.N.V.’s application to lift the arrest of 100% of its capital. The order explains that the OW-held KVBZ stake had already passed to the state.

qualification

An October directory still showing Gamzalov as V.N.V.’s beneficiary is a stale or unreconciled entry in light of the court and issuer records. A directory’s generic founder label does not convert indirect control into a direct personal shareholding. The release order is not an acquittal on all allegations in the underlying criminal investigation.

response

The prosecutor did not attend and the requested investigation materials were not supplied. The court found no evidence establishing the continuing need for the restriction and granted the company’s request; the order states that it was not subject to appeal.

attributedZMK’s 28 March 2024 extraordinary meeting approved a proposed private placement of 5,055,201 additional ordinary shares at RUB 10 nominal value. The Russian cassation judgment records 17,333 OW votes out of 17,947 ordinary shares, about 96.58% of that voting class. A holder of 519 preferred shares challenged the issue, alleging an improper price, dilution, lack of investment need and an impermissible foreign-controlled vote. The court rejected the claim; the 15 October 2024 decision was upheld on 26 December 2024 and in April 2025.

qualification

The court’s meeting date is 28 March, correcting a secondary account’s 28 April. The full April judgment is dated 18 April, following the operative ruling on 8 April; a mirror header has a different date. Judicial approval of the resolution is not proof that all proposed new shares were issued to Gamzalov. The retained 2025 accounts still report RUB 239,290 registered capital. The record does not establish a completed 99.9% direct personal holding.

response

ZMK said the funds would finance foundry capacity and reduce dependence on suppliers. The courts found no proven bad faith or impairment of the protected dividend rights and accepted disclosed Russian control when rejecting the foreign-state restriction argument. Appeals by later purchasers were terminated on standing grounds. A separate 2025 regulator-instruction challenge concerned placement disclosures and pre-emption periods; the retained report says interim relief was refused but does not establish a final merits result in that separate case.

attributedOW and Gamzalov also sued in ZMK’s interest to invalidate a June 2022 contract with MosRegionTrans for 1,000 grain wagons worth RUB 4.5 billion. The February 2025 report describes a renewed dismissal after remand, with appeals accepted and a hearing then scheduled for 5 March. This contract dispute is distinct from the shareholder challenge to ZMK’s additional share issue. ⁴⁵

qualification

The contract’s size is not an adjudicated loss. The retained February account does not establish the eventual outcome of the accepted appeals. Its combined ownership description does not split the individual’s and OW’s direct percentages.

response

Gamzalov argued that shareholder approval was absent and a 5% advance would create an extraordinary financing burden. The defendant produced an audio recording said to show his approval. A valuation expert and the court considered phased batches of about 50 wagons financially feasible, with such advances common in large contracts. The court rejected the interpretation that all deliveries had to occur on a single day.

attributedZMK’s issuer reports document changing boards and a continuing general-director role for Maxim Stolbun. The 2020 board included Igor Gorelov, Dzhakhpar Gamzalov, Mikhail Krivoshein, Stolbun and Igor Ulyanov. Later boards introduced Evgeny Chabrov, Ibragim Gamzalov, Gadzhi Murtazaliev, Valentin Nersesyan and Andrey Ageev. Irina Gamzalova joined the disclosed board from 29 November 2024. The company reported RUB 26.192 billion revenue and RUB 3.285 billion net profit in 2025, compared with RUB 33.691 billion and RUB 5.433 billion in 2024.

qualification

Board membership is dated and does not prove a personal equity holding. A report covering a year is not automatically an appointment on 1 January or a resignation on 31 December. Auditor and registrar roles are service relationships. Procurement totals and trademark records do not establish misconduct by individual board members. The retained annual reports distinguish the Dzhakhpar and Ibragim roles; a later press description of Dzhakhpar as Stanislav’s father is not relied upon.

attributedIn the bankruptcy of the original Engels Locomotive Plant JSC, a request sought RUB 27.293 billion of subsidiary liability from former controlling persons. The application was rejected on 28 November 2022, and that result was upheld on 14 February and 13 April 2023. The April judgment describes Rafelar Holdings and Volkam Trading each holding 42.55% of the voting shares from December 2013. It distinguishes Vnesheconombank’s participation in the June 2013 cooperation memorandum from VEB-Leasing’s direct loans to ELZ. ELZ in turn lent to First Locomotive Company for the Bombardier project.

qualification

The amount sought is not an award against the defendants. The published court text redacts individual names; press identifications are separately attributed and do not authorize silently assigning every redacted finding to a named person. Loans of RUB 4.83 billion and RUB 300 million from ELZ to the project company are not, merely because related, an adjudicated diversion.

response

The defendants sought to uphold the rejection. The courts found that external market conditions, including loss of the Ukrainian customer market, affected the project. Management pursued Russian customers, prototypes and certification; VEB-Leasing knew and monitored the purposes of its project loans. Unlawful culpable actions sufficient for the claimed liability were not proved. In December 2024 the courts also invalidated creditor-committee decisions demanding renewed liability steps and withholding the trustee’s compensation because the committee exceeded its powers.

outcome

The favorable 2022–2023 liability outcome remains attached to the historic allegations. Invalidating the later committee decisions does not bar every possible future claim on different grounds.

attributedInter Cargo Company won the auction for the original ELZ industrial complex on 23 January 2023; a three-party purchase contract followed on 1 February. The reported RUB 2.85 billion price concerned the combined lot, while RUB 2.124 billion described the debtor’s pledged-property portion. The later fee litigation records different creditor-recovery percentages at different dates. The bankruptcy was completed by a 12 May 2026 order despite the creditors’ earlier opposition, and the company was subsequently recorded as liquidated on 15 July 2026.

qualification

Acquiring industrial assets is not acquiring the old debtor’s shares or automatically owning every new company at the same site. The 2024 reversal in the fee dispute did not undo the entire bankruptcy or establish the liability request. Press claims of affiliation with the buyer are allegations, not substitutes for the court’s separate ownership and conduct findings.

response

Creditors disputed completion and compensation. In the later fee appeal the court reduced the trustee’s percentage remuneration to RUB 4,025,812.34 after accounting for the work and unpaid fee of the assisting organization, rather than reinstating the much larger earlier request.

attributedThe archive contains three different locomotive-plant identities: the old bankrupt JSC, OGRN 1116449006123; a Moscow LLC formed on 30 January 2023, OGRN 1237700072015; and Engels Plant of Locomotives JSC, OGRN 1236400002431, formed on 1 March 2023. The short-lived LLC was owned 90% by Inter Cargo Company and 10% by New Investments, and was liquidated on 29 September 2023. The newer JSC operated at the old industrial site; its directory history records Boris Gruzd replacing Ivan Pankov as general director in February 2026.

qualification

A similar name, reused site or former manager does not merge these legal entities. The purchase of old ELZ assets does not by itself establish the current shareholders of the new JSC. A separate reported industrial project, Promyshlennye Tekhnologii Povolzhya (PTP, OGRN 1246400005125), shares ZMK’s business site and registrar, but its shareholders are not disclosed in the retained public register. The registrar is not its owner.

attributedFirst Locomotive Company LLC (PLK, OGRN 1127747221161) had Swiss First Locomotive Holding AG, CHE-380.001.522, as its sole participant from August 2014. The Russian company entered bankruptcy in November 2022 and was liquidated on 24 November 2025. The retained Swiss publication history separately records the holding company’s bankruptcy on 8 September 2023 and removal on 8 January 2026. Roman Meshkov’s historic management positions in PLK, Balakovo-Centrolit and ENA link professional roles without making those companies identical.

qualification

The holding company’s ultimate owner is not established. Thilo Pachmann’s Swiss board position and OBT’s historic audit appointment do not identify a Gamzalov beneficial holding. The lawyer’s mandates for other clients are not treated as hidden assets of this group. Russian litigation totals, tax amounts and unsuccessful enforcement records in directories are dated summaries, not additional personal liability judgments.

attributedENA’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.

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.

attributedThe 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.

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.

attributedThe 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.

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.

attributedThe Hungarian company is MASZ Csoport Kft., registration 07-09-028907 and tax number 12390652-2-07; the retained company-history directory identifies its earlier BEHAN name. The 74.8% OW interest belongs to the 2016 portfolio description. On 16 November 2020 ZMK assigned OW its claims under five MASZ loans originating in 2017 and 2018. Contemporary directories identify Gamzalov Dzhakhpar as a manager, and one calls him an owner, while another counts three owners without naming them.

qualification

The record does not resolve current ownership percentages or conclusively equate that Hungarian manager with the full-name ZMK board member. A manager’s name alone cannot close that identity gap. Reported blocked accounts, enforcement and negative-information flags do not establish an insolvency judgment. Directories report losses and substantial financial expenses, but those figures do not prove that OW’s assigned loans caused the losses. The 2024 directory table distinguishes HUF 373.950 million of net sales from HUF 379.246 million of total income. The latter adds HUF 4.269 million of other income and HUF 1.027 million of financial income; these are different measures, not conflicting revenues.

attributedIrina Gamzalova’s former Mitrakhova name is connected by retained register histories, including the same Companies House person-with-significant-control record for Bargo Steel Ltd, number 13176974. That UK record describes significant influence or control, not a disclosed 100% shareholding. Bargo was incorporated in February 2021, and Juliette Michel Clarisse is its recorded director. Its February 2026 accounts report no fixed assets, cash of £2,487 and net assets of £277. New Investments’ 2025 directory accounts report RUB 45.5 million revenue, RUB 16.6 million net profit and RUB 116.1 million assets. Its property and transport tax payments indicate taxable assets but do not identify individual properties or vehicles.

qualification

Small balances and a director’s many appointments do not prove illicit activity or a nominee arrangement. In Russia, the retained records identify Irina as general director of New Investments and Negocianttrans. Negocianttrans’s two reported 50% participants are Irina and Stanislav, the latter from July 2024. Those corporate capacities can be presented without residential addresses, personal tax identifiers or assumptions about family relationships.

attributedThe wider register preserves historical founders, officers, successors and commercial connections around the industrial companies. Several named companies had already ceased operating long before a 2021 or 2022 database deletion of their founder fields. The old Metpromgrupp closed joint-stock company merged into Geoplant in 2015; the similarly named LLC is a separate legal entity whose 2025 record names Magomed Magomedov as sole participant and Pavel Sultanov as director. ZMK-Trans ended through accession to Repetek in 2019. Other ENA-linked companies were liquidated in 2003, 2009, 2010 or 2011.

qualification

A deleted founder field is not automatically an ownership disposal. A historic founder is not necessarily the current shareholder, and a liquidated company is not a current operating asset. Similar names, shared professional contacts or the same business site do not prove succession, common beneficial ownership or a family relationship. The accepted graph labels the supported capacity and its dated limit; it does not revive these entities as a present group. Negative search results are not complete beneficial-ownership clearance.

attributedThe professional network includes directors, managers, the Rayvel audit company, registrars and former officers with assignments in more than one industrial enterprise. Rayvel’s records identify Nataliia Tiutiunnyk and Zoya Dymova as equal participants and Tiutiunnyk as general director. ENA and ZMK issuer materials establish the audit and governance roles independently of mere name similarity. Registry histories distinguish completed outside mandates from ongoing source-date entries.

qualification

Employment, board membership and professional services do not transfer an enterprise’s conduct to every professional. No claim is made that the audit engagement verified every transaction or excluded fraud. The Hungarian manager’s abbreviated name remains distinct from the full-name ZMK person until exact identity evidence resolves it. Personal biographies and unrelated clients are not treated as ownership evidence.

attributedKVBZ’s September 2021 disclosure identified OW at 25%, Skinest Finants at 25%, Delantina at 25% and Transbuilding Service at 20%. Later Estonian, UK and Ukrainian records connect Volodymyr and Nataliia Prykhodko with interests through other holdings. Dzhakhpar Gamzalov represented OW on the supervisory board until September 2021, and Vadym Duzyk’s OW representative mandate ended in June 2022. The parent’s 2025 directory financials report UAH 2.617 billion revenue and a UAH 124.57 million net loss.

qualification

Later control records dated 2018, 2022 or 2023 do not automatically prove the same chain at every earlier shareholding date. Co-investment in KVBZ does not make the Prykhodko network an OW subsidiary. The historic indirect Gamzalov chain ended with the documented 2026 state transfer, and generic directory founder labels must not create a direct personal stake in its subsidiaries. Corporate capacities are retained without inferring private family relationships.