Ukraine received 25% of shares in the largest manufacturer of railway cars

The shares have been transferred to the ownership of the Ukrainian state, represented by the State Property Fund.

According to a notification in the National Securities and Stock Market Commission’s disclosure system, the company received the relevant information from the National Depository of Ukraine.

Consequently, the state’s stake in the Kryukiv Railway Car Building Works has increased from 0% to 25.0717%.

On 14 January, the High Anti-Corruption Court ordered the forfeiture to the state of 28,669,889 shares (25.07%) with a nominal value of UAH 21.502 million in the Kryukiv Railway Car Building Works, which belonged to OW Capital Management, owned by Gamzalov.

As reported, in December 2025, the Ministry of Justice filed a claim with the High Anti-Corruption Court seeking sanctions against the russian businessman Gamzalov in the form of the confiscation of 25% of the shares in the Kryukiv Railway Car Building Works for the state.

Gamzalov is a russian entrepreneur and owner of a number of russian companies providing logistical support to the russian federation in its armed aggression against Ukraine. In particular, companies controlled by Gamzalov supply goods to enterprises involved in the russian federation’s military-industrial complex.

In July 2022, the court transferred the russian shareholder’s stake in the Kryukiv Railway Car Building Works to the Asset Recovery and Management Agency (ARMA). This concerns a 25% stake in the enterprise, which was acquired in 2012 by the Austrian company OW Capital Management, controlled by the russian national Gamzalov.

These shares were seized in May 2022 as part of criminal proceedings concerning the transfer of 192.9 million hryvnias to russia through a series of loss-making contracts.

Source: NV