Kyivmiskbud received financial support. What does this mean for 30,000 investors?
In January 2026, a real management thriller unfolded around the capital's main developer. Not only did the city authorities inject billions into the authorised capital of Kyivmiskbud PJSC in December 2025, but they also staged a personnel reshuffle, replacing two key executives within a week. Behind these dry official statements lies the fate of thousands of Kyiv residents and the future of the entire real estate market.
The end of the era of "concrete invincibility"
For decades, Kyivmiskbud (KMB) was considered the unshakeable foundation of the capital. This structure survived economic defaults, changes in political regimes and several mayors, invariably leaving its architectural mark on the city map. However, recent years have shown that even the most reliable monolith can develop a deep crack. Frozen cranes on construction sites, desperate protests outside the walls of the Kyiv City State Administration, and a deafening wall of silence from management have become the new reality for investors.
The official version for the suspension of work three years ago was, of course, "COVID restrictions and the start of a major war." These factors affected everyone, but a vicious circle emerged: investment stopped due to a lack of activity at the sites, and the company stated that it could not build without an influx of funds. Although private market players were finding internal reserves or attracting investment at the same time, KMB long manipulated its status as an "almost municipal company." In marketing brochures, this was presented as a guarantee of reliability, but in a real crisis, it became a burden that limited flexibility.
Chronology of financial injections and personnel games
At the end of 2025, the main shareholder – the Kyiv territorial community represented by the city council – finally found UAH 2.56 billion to revive the developer. However, this bureaucratic act was accompanied by strange personnel manoeuvres. Decisions on the appointment and dismissal of managers were made in Vitali Klitschko's office, with the likely participation of Artur Palatny, head of the executive committee of the UDAR party.
Who was at the helm?
Igor Kushnir not only headed the company for 11 years, he became the key architect of Kyiv's development. His dismissal in 2023, following a Bihus.info investigation into the transfer of municipal land in Koncha-Zaspa to his associates, marked the beginning of the end of the old system.
After Kushnir, the company was headed by Vasyl Oliynyk, a former member of the Stolitsa Group. Behind this appointment was Vladyslava Molchanova, the beneficial owner of the Stolitsa Group. Her motivation was pragmatic: to prevent the collapse of the largest player, which would have undermined confidence in the entire primary real estate market. However, she was unable to "take control of the system": it turned out that all internal processes and contracts were still firmly tied to Kushnir's connections. Molchanova realised that KMB was a chaotic tangle of obligations that could not be untangled without radical changes.
Vladislav Andronov, who combines the position of deputy mayor with that of chairman of the developer's supervisory board, actively opposed Molchanova's attempts to strengthen her control. Having received a direct instruction from Klitschko to "sort out" the state of affairs in the holding, Andronov tried to protect the company from any outside interference.
Molchanova herself denied such accusations.
Ultimately, by 2024, this knot had been untied: Oliynyk resigned, and Molchanova finally distanced herself from the project. Svitlana Samsonova, a long-time associate of Andronov since their days working together at the Ministry of Agrarian Policy, took over the helm of the company. She spent six months preparing the ground for recapitalisation, working in tandem with Vladislav Andronov. She was the one who carried out all the paperwork for the share issue. Businessman and stock market and asset management expert Dmytro Nikiforov was brought in and appointed to the company's board for seven days solely to finalise the share issue.
The most interesting aspect of the rescue is the form of capitalisation. KMB transferred not cash, but domestic government bonds (OVDP). A real behind-the-scenes struggle unfolded around this issue.
Some influential groups, represented by Artur Palatny and Denys Komarnytskyi, allegedly tried to lobby for the allocation of real funds. The plan was simple: deposit billions in the "right" bank and earn interest, without rushing to channel capital into construction sites. This would allow interested parties to live off dividends for years while investors continued to wait for their apartments. However, Vladislav Andronov's position prevailed – recapitalisation through OVDPs took place more quickly, which was critical for the completion of the fiscal year. It was Andronov's "independence" and his resistance to deposit schemes that led to his subsequent resignation.
New faces: Panteleev and Zasutsky
Today, the supervisory board of Kyivmiskbud is headed by Petro Panteleev (Klitschko's first deputy), and the company's president is Valery Zasutsky. The latter is a completely new figure in the public sphere of Khreshchatyk. Zasutsky is a former member of the Security Service of Ukraine, where he oversaw the construction of housing for employees.
Panteleev now has a huge workload. In addition to the problematic developer, he is responsible for the city's entire energy security.
Strict mathematics: what can 2.56 billion be enough for?
After recapitalisation, the city's share in PJSC Kyivmiskbud increased from 80% to a record 99.87%. This effectively means that the Kyiv community has completely nationalised the developer's problems. But are the allocated funds sufficient to complete all projects?
The state of affairs in figures:
120 buildings at various stages of completion are awaiting completion.
550,000 square metres need to be commissioned in total.
30,000+ investors are waiting for their flats.
The "Ukrbud legacy": up to a third of investors are people whose houses were started by Ukrbud, whose beneficiary is Maksym Mykytas. The KMB took these properties onto its balance sheet in July 2020 on the instructions of President Volodymyr Zelensky, but so far without any real financial backing. The city still hopes to receive UAH 2.28 billion from the Cabinet of Ministers for Ukrbud's projects, although the chances of this happening during a major war are minimal.
In fact, of the 2.56 billion hryvnias received, only about 2 billion hryvnias will go directly into bricks and concrete. The remaining half a billion is "holes" that need to be filled immediately: debts to suppliers, bank loans, and contributions to the Kyiv budget.
Where did the billions go?
Investigative journalists at Bihus info cite the subcontracting system as one of the main reasons for the company's "knockdown". Until 2023, the lion's share of the work was carried out by companies that had roots in Kushnir's homeland in Kremenchuk or were associated with his colleagues at the Ministry of Defence.
In 2020-2021 alone, Yaguar Construction and Industrial Company, Ukrbud Invest, Yaguar and Gorbud received more than UAH 3 billion from KMB. Not all contractors were "insiders," and many honest builders also suffered from payment delays. However, it was the "chosen" companies that drained the developer's working capital for years, leaving him without a financial cushion in case of a real crisis.
Unanswered questions: lost audit and responsibility
The most painful issue remains the audit. The authorities loudly announced an audit by international giants Baker Tilly and Ernst & Young. However, it turned out that the Kyiv City State Administration had ordered only a superficial audit of the financial statements, rather than an in-depth review of efficiency and corruption risks.
What's more, the full text of the Baker Tilly audit has been "irretrievably lost." Deputies and members of the supervisory board only have access to an abridged version, which does not contain any critical conclusions. This creates the impression that the real reasons for the financial collapse are being carefully hidden in the archives.
Will anything change now? The company's updated charter complies with the best international practices of corporate governance and expands the control of the shareholder – the community of Kyiv. However, the long history of backroom governance and the absence of real criminal cases regarding embezzlement in the past give rise to pessimistic thoughts.
For the 30,000 families who invested their savings in this "concrete hope," this is their last chance. If the 2.56 billion hryvnia of taxpayers' money does not get the taps flowing, Kyivmiskbud will finally transform from a legend into the largest monument to mismanagement in the history of the capital.
Legal dessert: what should investors do?
Lawyers emphasise that despite the recapitalisation, investors should not relax. The availability of funds in the company does not guarantee the automatic resumption of work at your address. What to do?
Check the schedules. It is necessary to demand that the renewed KMB publish clear deadlines for the work on each residential complex.
Collective appeals. The status of "communal property" gives investors 99% additional leverage over the Kyiv City Council as the owner.
Audit by address. It is important to understand whether the funds allocated for a specific property were previously withdrawn through subcontractors.
An investor's active position should begin at the stage of selecting a property, especially when it comes to the decision to buy an apartment in Kyiv. That is why the Axis real estate agency Kyiv provides clients with free legal support for real estate transactions, focusing on the transparency and security of each transaction.
In summary, investors should take an active position and not rely solely on loud statements about financial support. Real protection of interests begins with monitoring specific deadlines, joint actions, and careful analysis of the history of each property. Only systematic pressure and awareness give a chance to turn formal decisions into the actual completion of construction.
