Vadym Stolar, a member of the Ukrainian parliament from the banned party “Opposition Platform – For Life,” is establishing a construction business in the United Arab Emirates. He and his friend Dmitry Davtyan has registered a company with a name similar to a Ukrainian one and is offering potential buyers the opportunity to purchase property in two buildings located in a very prestigious area. The substantial income he derived from his home country has enabled the Ukrainian oligarch to enter this new region.
For a long time, Vadym Stolar was referred to as the shadow ruler of Kyiv. Legalizing his shadow capital is one of his main objectives, and for this, Stolar chose the construction business in the UAE. After all, many Ukrainian and Russian oligarchs, the target market for the real estate Stolar is developing, have relocated to the UAE. To ensure the success of the project, Stolar has relied on his old connections from his corrupt dealings in Kyiv. Notably, his leading company is headed by Dmitriy Davtyan. To obscure his involvement, the former official has altered the spelling of his name, sometimes appearing as Dmitriy Davtyan and other times as Dmitry Davtyan. This slight variation helps him avoid excessive scrutiny due to his former position.
Enso connection: where Dmitry Davtyan and Vadym Stolar meet again
Vadym Stolar is connected to several construction companies, one of which is Enso Group. For a long time, Stolar denied any affiliation with the company, but in Dubai, he registered a firm under the same name. He reported this company in his income and property declaration as a member of the Ukrainian parliament.
Stolar declared that the company Enso Investment LLC loaned him $2.2 million.
Where is Vadym Stolar’s Enso Investment located?
According to official records, Enso Investment LLC is registered in a relatively remote area of Dubai, near the less prestigious emirate of Sharjah. However, its actual office is in the most upscale location – Downtown Dubai, in Boulevard Plaza 2, with views of the world’s tallest building, the Burj Khalifa.
From this building, an air-conditioned walkway leads to the Dubai Mall, one of the largest shopping centers, where the most luxurious stores are located. On the first floor of the building housing Stolar’s construction company office, there’s Aston Martin car showroom.
Real estate listings in Dubai show that renting an office in Boulevard Plaza 2 can cost anywhere between $450,000 and $950,000 annually, depending on the size. Only commercial real estate in Burj Khalifa is more expensive.
According to Enso Investment LLC’s official website, the company directors are Dmitriy Davtyan, Janak Chandrakant, and Prasanna Visvamurthi.
Who is Dmitriy Davtyan?
If the name seems familiar, it’s not a coincidence. Davtyan is the former Deputy Head of the Kyiv City State Administration, where he worked from 2017 to November 2019. He is the son of a prominent Kharkiv businessman who also leads the Armenian community, which includes former Ukrainian Interior Minister Arsen Avakov.
Interestingly, on Enso Investment’s Dubai website, Davtyan uses the Russian transliteration of his name, ‘Dmitry’. This might lead one to think it’s a different Davtyan, not the one who helped Kyiv Mayor Klitschko embezzle funds during the construction of the infamous Shuliavsky Bridge in Kyiv.
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But it is indeed the same Davtyan. His profile picture on LinkedIn is identical to the one on the Kyiv City State Administration website, confirming that Klitschko’s former deputy is now a business partner of developer Vadym Stolar.
His LinkedIn profile also shows that he represents DAD Investment Group, his father Alexander Davtyan’s company. However, Dmitriy frequently shares posts from Enso Investment in Dubai.
What does Enso Investments offer?
Enso Investment LLC offers clients real estate in two buildings – Enso Jade and Enso Amber, both located in the Jumeirah Garden City district.
To explain the prestige of the area, it’s worth mentioning that the iconic Museum of the Future is just a few hundred meters away.
From their apartments, residents will be able to enjoy views of the largest skyscrapers along Dubai’s main road, Sheikh Zayed Road, including the world’s tallest hotel, Gevora. This 365-meter-high building is listed in the Guinness World Records, with 528 rooms across 75 floors.
Just 3 km away from Stolar’s developments is one of Dubai’s most picturesque beaches, La Mer. This area offers a beach, numerous restaurants, boutiques, and walking areas. On major holidays, visitors can enjoy the spectacular fireworks for which the emirate is famous.
Construction status on Enso plots
Construction has not yet begun on these plots, and they are not even fenced off or bearing construction permits. However, there is no doubt that Enso will build on them, as the company has placed a geotag on Google Maps.
On one of these plots, Vadym Stolar and Dmitriy Davtyan, along with their business partners, plan to construct a 10-story complex called Enso Jade.
According to the project plans, the building will have apartments with one, two, and three bedrooms. The largest apartments will also include a living room and four bathrooms. The building will feature two swimming pools, a gym, and a children’s room. Residents of Enso Jade will have views of the world’s tallest hotel, Gevora.
On the second plot, Enso Amber will be built. This building will resemble the first and also be 10 stories high. Clients can choose between one-bedroom apartments with one and a half bathrooms or three-bedroom units with four bathrooms and a living room.
Vadym Stolar chooses the UAE to legalize his not-so-clean capital
Stolar’s relocation to Dubai is further evidenced by the information on his bank accounts in the UAE and his insurance policies. According to UAE law, only residents can open bank accounts in local banks, so it’s clear that Stolar holds Dubai residency.
It appears that Stolar’s family has also moved to Dubai, as he declared large sums of money borrowed from his former wife, Inna Maistruk, in UAE currency.
In his declaration, Stolar also mentioned that he rents a hotel suite in Dubai, around 100 square meters in size. Although he did not specify the rental cost, given Dubai’s prices and the suite’s size, it is likely to cost tens of thousands of dollars per month.