Business news from Ukraine

Business news from Ukraine

AVK factory in Dnipro was sold through SETAM for UAH 50 mln

The AVK confectionery factory (Dnipro) was sold on September 15 through the OpenMarket electronic trading system – SETAM for debts, and its owner became the Kyiv-based Ilaris LLC, according to the auction website.

According to the SETAM website, the auction included the factory premises with an area of 37,847 thousand square meters worth UAH 92 million, two diesel locomotives with three cars, and 14 loaders. The starting price was UAH 1,262,639,922.64.

Eight participants took part in the auction. Four bids were rejected at the start due to non-payment of the guarantee deposit.

Ilaris LLC won the auction with a bid of UAH 50.004 million for the lot.

Ilaris was registered on August 4, 2025. It specializes in the rental of real estate. Its authorized capital is UAH 50. The company employs one person. The ultimate beneficiary is Marina Rytska. She also owns 18 companies specializing in the rental and operation of owned or leased real estate.

As reported, the decision in case No. 905/2852/16 on the bankruptcy of PJSC “AVK,” adopted on July 8 by the Commercial Court of Donetsk Region, was published in the Unified State Register of Court Decisions on July 12, 2021. The regional commercial court, composed of Judge Maxim Leiba, considered in open court the case materials on the application of the creditor LLC “Rustok” (Donetsk) to the debtor – PJSC ‘AVK’ with the participation of representatives of creditors JSC “Oschadbank”, Prominvestbank PJSC, and Raiffeisen Bank Aval JSC.

Based on the results of an analysis of the financial and economic condition of the enterprise conducted in 2020, the court established that the level of solvency loss of AVK over the past three years excludes the possibility of applying the reorganization procedure to the debtor. The debtor’s financial and economic condition is characterized by supercritical insolvency, and therefore, creditors’ claims can only be satisfied through liquidation proceedings.

The Commercial Court then clarified that the ruling would take effect on July 8, 2021, and could be appealed in the Eastern Commercial Court of Appeal through the Commercial Court of Donetsk Region by filing an appeal.

By a decision dated October 20, 2016, the Commercial Court of Donetsk Region opened bankruptcy proceedings against AVK at the request of Rustok LLC (Donetsk) and initiated the procedure for disposing of the debtor’s property for a period of 115 calendar days.

After the announcement of bankruptcy was published in October 2016, the following entities filed monetary claims with the court for a total amount of UAH 2.2 billion: PIB – UAH 1.9 billion, VBR – UAH 638.8 million, Raiffeisen Bank Aval – UAH 521.9 million, and Oschadbank – UAH 5.1 thousand.

The Commercial Court of Donetsk Region repeatedly postponed the consideration of the AVK bankruptcy case, in particular due to economic expert examinations, and also closed the case in connection with the filing of appeals by AVK and Oschadbank to the Higher Commercial Court, which were rejected in May 2017 and July 2018, respectively.

AVK is one of the largest confectionery manufacturers in Ukraine, founded in 1991. AVK is owned by Volodymyr Avramenko and Valery Kravets. It includes a confectionery factory in Dnipro. It also owned factories in Donetsk and Luhansk, control over which has been lost.

AVK produces a wide range of products: chocolate, caramel products, cookies, waffles, croissants, and salty snacks. The company exports its products to more than 60 countries around the world.

The ultimate owners of AVK are Valery Kravets and Vladimir Avramenko, who currently reside in the Kyiv region. Avramenko was a member of the Ukrainian parliament from the Donetsk region from 2002 to 2006. Kravets served as Minister of Agrarian Policy and Food of the Autonomous Republic of Crimea from November 2010 to April 2013. The co-owners of AVK Confectionery are Volodymyr Avramenko and members of his family.

Prominvestbank belonged to the Russian state-owned company VEB.RF (formerly Vnesheconombank). In 2022, Prominvestbank in Ukraine was nationalized and removed from the market. Accordingly, the proceeds from the sale of property in Dnipro will be received by the Deposit Guarantee Fund (DGF), which manages the bank in liquidation. The funds will be used to settle with the creditors of Prominvestbank, which was operating at a loss.

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Number of unemployed in Ukraine and job opportunities, 2024-2025

Number of unemployed in Ukraine and job opportunities, 2024-2025

Source: Open4Business.com.ua

Results of parliamentary elections in Czech Republic and their impact on Ukraine

In the Czech Republic, Andrej Babiš and his ANO party won the parliamentary elections on October 3–4, 2025, receiving about 34.7% of the vote. Petr Fiala’s party, which previously led the Spolu coalition, came in second with ~23.4% of the vote. The election results were analyzed by the Experts Club information and analytical center.

Babiš faces a difficult task in forming a coalition: his party did not win a single-party majority, and cooperation with right-wing and populist parties — the SPD (Freedom and Direct Democracy) and the Motorists movement — is being considered.

Babiš has promised to increase social benefits, reduce taxes, and focus more attention on intra-European issues. He has repeatedly criticized substantial military and material assistance to Ukraine and promised to review the Czech Republic’s participation in the initiative to supply ammunition to Kyiv. At the same time, Babiš is trying to position himself as a pro-European politician, although his rhetoric often aligns with nationalist and Eurosceptic forces.

Several possible consequences for Ukraine can be identified from the results of the Czech elections:

1. Reduction of preferential support and military aid. The new government may seek to reduce the Czech Republic’s contribution to collective assistance to Ukraine or review its financial commitments, especially regarding the ammunition supply program. Babiš has already stated that he intends to “reduce support.”
2. A change in diplomatic tone. The Czech Republic may shift the focus of its foreign policy away from confrontation with Russia, especially if the government seeks more pragmatic relations within the EU and Central Europe.
3. Increased influence of right-wing and populist movements in the region. Babiš’s victory could stimulate the growth of nationalist and Eurosceptic parties in neighbouring countries and increase tensions over Kyiv’s policies in Central Europe. The Czech Republic may join the camp of countries that criticise sanctions or delay common European decisions.
4. Risks for Ukraine’s integration. The Czech Republic’s change of course could affect support for Ukraine within the EU, influence “stabilization funds,” and lobbying for European support at the pan-European level.

The current changes in the Czech Republic are a key indicator of how quickly the political landscape of Central Europe is changing. It is important for Ukraine to monitor the format of the coalition that will be formed and the foreign policy program of the new Czech cabinet.

Earlier, the Experts Club information and analytical center called the elections in the Czech Republic one of the most important in the world in 2025. A video about elections around the world is available on YouTube:

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Hungary may tighten tax supervision, including real estate rentals and cryptocurrency transactions

According to Serbian Economist, Hungary is preparing to tighten tax supervision in a number of economic sectors, including real estate rentals through online platforms, delivery and courier services, and cryptocurrency transactions.
According to Daily News Hungary, the Minister of Economy has submitted two bills to parliament that would require foreign platforms to provide Hungarian tax authorities with detailed data on users and their transactions starting in 2026.
The following will be subject to regulation:
1) private individuals renting out apartments through Airbnb and similar services;
2) couriers and drivers working with Wolt, Uber, and other platforms;
3) investors trading cryptocurrencies through Revolut, Binance, and other exchanges.
Tax authorities will have direct access to information about the income of Hungarian individuals and legal entities, bypassing the self-declaration system.
According to the documents, service providers will be required to provide the company name, registered address, tax number, and personal data (name, date of birth, transaction volume).
Experts note that Hungary’s initiative is not limited to combating landlords — it covers the entire digital economy segment, where control was previously difficult.
“The aim is to create a system of transparency that will increase tax revenues without raising base rates,” the government notes.
Analysts believe that the new rules could affect the rental market in Budapest and other major cities. For foreign citizens living in Hungary and renting apartments through Airbnb, tax risks and administrative obligations will increase.
“Until now, many foreigners have used Hungary as a platform for investing in the rental business. Now, some of them may reconsider their strategy, which in the long run will lead to a reduction in the supply of short-term rentals and, possibly, an increase in prices in the long-term segment,” real estate market experts note.
Hungary is traditionally considered one of the EU countries with relatively low corporate taxes (9%), but the upcoming tightening of control over the digital economy shows the government’s desire to expand the tax base.

http://relocation.com.ua/hungary-may-strengthen-tax-oversight-including-real-estate-rentals-and-cryptocurrency-transactions/

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Moldova launches new visa category for digital nomads

Moldova is launching a new visa category for digital nomads, designed for professionals who work remotely.
The visa is intended for foreigners who can confirm their remote work and stable income.
It is valid for up to one year with the possibility of extension, allowing holders to work and live in the country between trips.
Requirements include proof of income above a certain threshold, medical insurance, and no criminal record.
Under the visa, holders will be able to take advantage of preferential tax treatment or special tax conditions depending on their place of residence.
The country seeks to strengthen its position as an attractive destination for IT and creative sector professionals. Digital nomads bring revenue to the economy through accommodation, rent, and consumption of services and goods. This further stimulates the development of infrastructure, coworking spaces, and international relations.
Moldova is joining the ranks of countries introducing special visa regimes to attract remote workers. Similar schemes are already in place in Georgia, Portugal, Estonia, and other countries seeking to strengthen their digital economies and diversify their sources of income.

 

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Novoselivskyi Mining Plant Boosts Profit by 6% in 2024

Private JSC Novoselivskyi Mining and Processing Plant (NGZK, Kharkiv region) increased its net profit by 6.1% in 2024 compared to 2023 — reaching UAH 18.938 million.

According to the company’s annual report filed with the National Securities and Stock Market Commission, net revenue rose by 11.6% to UAH 168.553 million.
Retained earnings at the end of 2024 stood at UAH 86.672 million.

Founded in 2000, the plant specializes in sand, gravel, and clay extraction.
As of Q1 2025, Silica Holding LLC (Ukraine) owns 94.8205% of the company’s shares.
Authorized capital amounts to UAH 21.25 million.

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