--- title: "OW Capital Management: industrial holdings, the KVBZ confiscation and separate court outcomes" language: en canonical: https://dossiertwist.com/dossiers/ow-capital/ as_of: 2026-10-10 keywords: ["OW Capital Management","KVBZ","Stanislav Gamzalov","ZMK","ELZ","ENA","MASZ","industrial holdings"] --- # OW Capital Management: industrial holdings, the KVBZ confiscation and separate court outcomes **Question.** What did OW Capital own, how did the KVBZ stake leave the group, and what do the separate proceedings actually establish? **Answer.** OW is an Austrian holding company linked to Russian industrial interests. Its 25% KVBZ stake passed to Ukraine in 2026, while a separate October claim sought 79 wagons. The old ELZ subsidiary-liability request was rejected, and historical register entries do not establish every present ownership claim. ## The Austrian holding company - Analysis: OW Capital Management is an Austrian holding company whose retained records name Stanislav Gamzalov as sole shareholder and Irina Gamzalova as managing director. Its industrial portfolio spans distinct companies and dates. The filed 2025 accounts show negative equity, but management expressly disputes over-indebtedness under insolvency law and relies on recovery prospects and creditor extensions. [s-d131] [s-d15] [s-d170] [s-d19] [s-d23] [s-d3] [s-d344] [s-d6] [s-d68] [s-d85] [s-d86] [s-d89] [s-d90] - Qualification: The Austrian balance sheet is not consolidated industrial revenue or a present market valuation. The 2016 portfolio cannot be read as a current ownership register. ## A completed share recovery and a new pending claim - Analysis: The 25% shareholding in Kryukiv Railway Car Building Works (KVBZ) left OW following Ukraine’s January 2026 sanctions-confiscation judgment and the April register transfer to the state. A September court order later lifted the arrest of the wholly owned V.N.V. subsidiary’s capital because the relevant parent stake had already passed to the state. In October the ministry brought a separate claim seeking 79 wagons from Gamzalov and Inter Cargo Company. [s-d127] [s-d129] [s-d130] [s-d19] [s-d27] [s-d30] [s-d360] [s-d388] [s-d444] [s-d487] [s-d488] [s-d489] [s-d490] [s-d491] [s-d67] [s-d7] [s-d70] [s-d8] [s-d9] - Qualification: The ministry’s new request is not a completed recovery. The share-confiscation judgment is not a criminal conviction, and the V.N.V. arrest release is not an acquittal on every allegation. OW and the individual did not provide substantive responses in the confiscation case; nonappearance is not an admission. ## Separate cases and distinct legal entities - Analysis: Russian proceedings reached different results on different claims. The subsidiary-liability demand in the bankruptcy of the original Engels Locomotive Plant JSC (ELZ) was rejected and the appellate courts found no proved culpable conduct sufficient for that liability. The plant’s assets were sold, its bankruptcy completed and the old company liquidated. Zavod Metallokonstruktsy (ZMK) successfully defended its share-issue resolution, while OW’s separate grain-wagon contract action was again dismissed in the retained February 2025 account, with appeals then pending. [s-d133] [s-d134] [s-d138] [s-d140] [s-d15] [s-d203] [s-d204] [s-d206] [s-d235] [s-d247] [s-d261] [s-d264] [s-d290] [s-d294] [s-d307] [s-d308] [s-d340] [s-d341] [s-d343] [s-d344] [s-d356] [s-d357] [s-d358] [s-d381] [s-d387] [s-d399] [s-d456] [s-d75] [s-d82] - Qualification: An auction asset purchaser does not automatically own every new company at the site. A valid share-issue resolution does not establish a completed subscription. The later companies, legal claims and historic founder records remain separately identified. ## Sources - [s-d131] Other source · s-d131 - [s-d15] Company statement source · s-d15 - [s-d170] Other source · s-d170 - [s-d19] Court record concerning OW Capital or the identified participant, Judiciary of Ukraine - [s-d23] Other source · s-d23 - [s-d3] Corporate registry source · s-d3 - [s-d344] Court record source · s-d344 - [s-d6] Other source · s-d6 - [s-d68] Other source · s-d68 - [s-d85] Other source · s-d85 - [s-d86] Company statement source · s-d86 - [s-d89] Media source · s-d89 - [s-d90] Media source · s-d90 - [s-d127] Regulatory record source · s-d127 - [s-d129] Media source · s-d129 - [s-d130] Company statement concerning OW Capital or the identified participant, Ukraine issuer disclosure system - [s-d27] Other source · s-d27 - [s-d30] Media source · s-d30 - [s-d360] Other source · s-d360 - [s-d388] Regulatory record source · s-d388 - [s-d444] Other source · s-d444 - [s-d487] Other source · s-d487 - [s-d488] Other source · s-d488 - [s-d489] Other source · s-d489 - [s-d490] Other source · s-d490 - [s-d491] Court record source · s-d491 - [s-d67] Other source · s-d67 - [s-d7] Other source · s-d7 - [s-d70] Other source · s-d70 - [s-d8] Other source · s-d8 - [s-d9] Other source · s-d9 - [s-d133] Other source · s-d133 - [s-d134] Other source · s-d134 - [s-d138] Other source · s-d138 - [s-d140] Other source · s-d140 - [s-d203] Media source · s-d203 - [s-d204] Media source · s-d204 - [s-d206] Other source · s-d206 - [s-d235] Other source · s-d235 - [s-d247] Court record source · s-d247 - [s-d261] Other source · s-d261 - [s-d264] Court record source · s-d264 - [s-d290] Media source · s-d290 - [s-d294] Other source · s-d294 - [s-d307] Court record source · s-d307 - [s-d308] Court record source · s-d308 - [s-d340] Court record source · s-d340 - [s-d341] Media source · s-d341 - [s-d343] Court record source · s-d343 - [s-d356] Media source · s-d356 - [s-d357] Media source · s-d357 - [s-d358] Other source · s-d358 - [s-d381] Other source · s-d381 - [s-d387] Other source · s-d387 - [s-d399] Media source · s-d399 - [s-d456] Other source · s-d456 - [s-d75] Media source · s-d75 - [s-d82] Media source · s-d82