A Kyiv court has granted a prosecutor’s petition from the Prosecutor General’s Office, placing a formal seizure order on the industrial complex of JSC Dniprovazhmash in Dnipro. The ruling strictly prohibits any asset transfers, dismantling, scrapping, or write-offs of equipment and production facilities. The plant currently retains only basic usage rights to its premises, halting a systematic scheme aimed at destroying the manufacturing giant.
According to investigations by the Security Service of Ukraine (SBU), the plant’s ultimate beneficial owner, Oleksiy Zinovyev, has fully controlled the Russian entity Tubing Centrolit LLC in the Saratov region since 2020. Residing in Russia following the full-scale invasion, Zinovyev funneled concrete tubing and tunnel rings to state-backed contractors building subways in Moscow and Saint Petersburg—specifically AO Mosmetrostroy and AO Metrostroy of the Northern Capital. The total value of these supplies exceeded 1.39 billion roubles, with the Russian firm reporting annual revenues of 1.3 billion roubles.
Concurrently, the Zinovyev family maintained control over a broad network of Ukrainian enterprises, including Dniprotechservice, Otradne, Dialog, Sok, and UkrNDITM. To evade potential state confiscation, the parents—living in Russia—issued a power of attorney in mid-2023 to top management to transfer company shares to their adult children. Law enforcement established that this transfer was purely nominal and that actual operational control continued directly from Russia.
The scheme subsequently shifted to liquidating physical assets and extracting cash. Investigators revealed that the owner received 800,000 USDT in cryptocurrency from a Ukrainian citizen in exchange for handing over informal management of Dniprovazhmash. The stated objective of this deal was to dismantle the facilities and sell off the structural scrap. Parallel sales of non-core real estate were also conducted at undervalued prices.
«Seized equipment from Dniprovazhmash had previously been targeted for illegal export to Russia to support the aggressor state’s military-industrial complex,» noted representatives from Ukraine’s Asset Recovery and Management Agency (ARMA).
The industrial complex has since been pushed into economic collapse and formal liquidation. The Commercial Court of Dnipropetrovsk Oblast declared JSC Dniprovazhmash bankrupt and initiated liquidation proceedings. The plant’s annual revenue plummeted from 733 million UAH in 2021 to 283 million UAH, while its workforce shrank from 1,632 to 464 employees. The court-ordered asset seizure aims to preserve the remaining industrial infrastructure from total dissipation.