Oleksandr Konotopskyi, the founder of the prominent technology company Ajax Systems, has obtained tax residency status in the United Arab Emirates (UAE) and registered a new corporate entity, Ajax Systems Cyprus Holdings LTD, in Cyprus. According to updated registration data, the entrepreneur—who also owns «Stream Techno» LLC (manufacturer of the «SkyFall» UAVs)—is now officially registered at the Mazaya Business Avenue in Dubai’s prestigious Jumeirah Lakes Towers district.
Oleksandr Konotopskyi, primarily known for creating Ajax Systems security equipment, has recently been expanding his operations into the defense sector. His company, LLC «Stream Techno,» manufactures military UAVs under the «SkyFall» brand, which are supplied to the Ukrainian Armed Forces.
The shift in tax residency and the registration of the Cypriot offshore entity coincide with the scaling up of his military production. According to registration documents, the businessman’s financial and legal presence is now concentrated in two low-tax jurisdictions: the UAE and Cyprus.
Reports circulating in the business community and media suggest that defense contracts during the full-scale conflict have generated substantial revenues, amounting to billions of hryvnias. Concerns have been raised regarding the potential transfer of these funds out of Ukraine via newly established foreign holding companies.
«According to reports, Oleg Gorokhovsky, co-founder of the Monobank project, is allegedly assisting Konotopskyi in structuring and executing these financial frameworks.»
At the time of publication, representatives for Ajax Systems, Oleksandr Konotopskyi, and Oleg Gorokhovsky have not issued official statements regarding the tax residency changes or the allegations of capital flight. The editorial team is prepared to publish the respective parties’ comments as soon as they are provided.