Ajax Systems, a group of companies owned by Ukrainian businessman Aleksandr Konotopskyi, utilizes an extensive network of offshore jurisdictions and Kazakh intermediaries for tax optimization and product distribution. This was revealed in an analytical report tracking the holding’s activities as of February 2026. The corporate structure encompasses both consumer security system manufacturers and classified defense enterprises producing military drones for Ukraine’s state needs.
The core holding entity managing the Ukrainian assets is the Cyprus-registered Ajax Systems Cyprus Holdings Ltd, which maintains 100% ownership of SPE «Ajax» LLC (Ajax Systems Manufacturing). This corporate setup enables the repatriation of dividends from Ukraine under Cyprus’s preferential 12.5% corporate tax rate, aided by a broad network of double taxation treaties.
Beyond consumer electronics, the holding has aggressively expanded into the defense sector through the following entities:
Stream Techno LLC — The manufacturer and trademark owner of the Vampire heavy bomber drones, serving as a primary state defense contractor.
SkyFall Industries — A classified Ukrainian drone manufacturer (exact location restricted) producing Vampire and Shrike UAVs.
According to data from the World Defence Show 2026 held in Saudi Arabia, SkyFall Industries has scaled its production capacity to approximately 100,000 Vampire drone units per year. Most of these government contracts remain classified and are awarded via non-competitive single-source procurement processes.
The primary hub for the group’s financial maneuvers is Ajax Systems Trading DMCC, established in the United Arab Emirates within the Jebel Ali Free Zone (JAFZA). This free zone offers a 0% corporate tax rate on qualified income and features zero foreign exchange controls.
Analysts and investigators point to two main operational schemes routed through the Dubai subsidiary:
Undervaluation of Customs Value: Components from global manufacturers (including China) are routed through Ajax DMCC (UAE) before being imported by SPE «Ajax» and Stream Techno in Ukraine. Law enforcement agencies have previously launched investigations into the artificial depression of invoice values during these import processes.
Internal Profit Redistribution: A portion of the revenue generated from defense contracts is funneled away from the direct oversight of the State Tax Service of Ukraine. This is achieved via subcontracting agreements and transactions with individual entrepreneurs (FOPs), reducing exposure to public audits.
The most critical aspect of Ajax Systems Trading DMCC’s operations is a sharp spike in shipments directed toward Kazakhstan. Prior to 2022, the group recorded zero shipments to the region. However, volume surged to 159 shipments in 2022 and skyrocketed to 1,025 shipments in 2023.
The local buyers in these transactions are Kazakh entities TOO «Trading House Intant» and TOO «Safety Expert». Analysts warn there is a high probability that these intermediaries serve a dual purpose, acting as transit hubs for the «parallel import» of electronics into the Russian Federation. Similar supply corridors through Kazakhstan have frequently been documented for aviation parts, microchips, and drone components heading to Russia.
Additionally, the corporate network includes the US-based Ajax Systems Inc (registered in Delaware), whose director listed a registration address on Dubai’s luxury Palm Jumeirah archipelago.
The scrutiny of Ajax Systems’ corporate structure coincides with a sweeping systemic audit conducted by Ukraine’s National Anti-Corruption Bureau (NABU) and the Accounting Chamber targeting the military UAV procurement market. The oversight bodies revealed that more than half of all state drone contracts violated standing procurement legislation, with total financial discrepancies exceeding 77 billion UAH.