---
title: "MASZ and OW Capital: the former BEHAN investment and the assigned loans"
language: en
canonical: https://dossiertwist.com/dossiers/ow-capital/masz-hungarian-investment/
as_of: 2026-10-10
keywords: ["OW Capital Management","KVBZ","Stanislav Gamzalov","ZMK","ELZ","ENA","MASZ","industrial holdings"]
---

# MASZ and OW Capital: the former BEHAN investment and the assigned loans

- Jurisdiction: HU (HU)
- Company register: 07-09-028907 (Retained corporate identity record)

**Question.** What is established about the Hungarian company’s ownership and financial relationship?

**Answer.** The 2016 interest and 2020 loan assignment are supported, while current percentages and the exact identity of the abbreviated manager remain unresolved. Directory warnings do not establish a bankruptcy judgment.

## The Hungarian investment, loan assignment and unresolved owner list

- Analysis: The 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. [s-d15] [s-d20] [s-d68] [s-d69] [s-d73] [s-d74] [s-d123] [s-d124] [s-d145] [s-d248] [s-d292]
  - 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.

## Sources

- [s-d15] Company statement source · s-d15
- [s-d20] Other source · s-d20
- [s-d68] Other source · s-d68
- [s-d69] Other source · s-d69
- [s-d73] Other source · s-d73
- [s-d74] Other source · s-d74
- [s-d123] Other source · s-d123
- [s-d124] Other source · s-d124
- [s-d145] Other source · s-d145
- [s-d248] Other source · s-d248
- [s-d292] Other source · s-d292