Construction of the Pechersk slopes and the $7.5 billion case: how the Kazakh trace of BTA Bank Ablyazov appeared in the Vavrysh and Butkevych project

War is war, but construction continues on schedule. Especially in the center of Kyiv, and particularly those projects that have raised questions about legality and safety for years. Developer Andriy Vavrysh and the owner of ATB supermarkets, Hennadiy Butkevych, have formed an unexpected alliance to resume construction on the Pechersk slopes. The legality of the construction has been contested for years, local residents have requested a park be created on the site, and the land has long been owned by companies associated with Kazakh businessman Mukhtar Ablyazov, whose extradition has been demanded by both Russia and Ukraine, among others.

In November 2025, Andriy Vavrysh’s company Saga Development, together with BGV Development, owned by Hennadiy Butkevych, announced the relaunch of the OZON Concept House project in Kyiv’s Pechersk district. The construction of high-rises on Vilshanska Street was planned more than 15 years ago. Initially, the project was called «Pechersk Bastion» and was intended to be implemented by the infamous developer Anatoliy Voytsekhovskyi. Since then, several parties have been interested in acquiring this plot. Journalists analyzed the list of all interested parties and uncovered quite unexpected connections.

Two land plots designated for the planned construction were leased to LLC «Ukrainian Fund for Regional Development» and «Innovative Construction Company» by a decision of the Kyiv City Council in 2005-2006, and the lease has been extended to this day.

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In 2007-2008, LLC «NIS», registered in the Russian Federation, appeared among the co-founders of both companies.

Later, the Cypriot company Colberg Division Limited became a co-founder of both entities. This firm is mentioned in a letter describing companies and assets linked to the business empire of the Kazakh BTA Bank.

Mukhtar Ablyazov was arrested in France in 2013. The Kazakh authorities accuse him of embezzling $7.5 billion through BTA Bank and hundreds of offshore companies. Russia and Ukraine also demanded the banker’s extradition, but it never took place. In Kazakhstan, Ablyazov was convicted in absentia.

In 2017, the Pechersk District Court of Kyiv seized several BTA Bank properties at Kazakhstan’s request. Among them were assets of Barlaston Holding Sarl: rights to a 67% stake in the capital of LLC «Ukrainian Fund for Regional Development» and LLC «Innovative Construction Company», as well as property rights to construction and a plot for a residential complex on Vilshanska Street in Kyiv. Mention of Barlaston Holding Sarl can also be found in the letter describing companies through which the disgraced businessman may have siphoned funds.

According to the Luxembourg registry, Barlaston Holding Sarl was established in 1999 and ceased operations in 2015.

The seizure of the Pechersk plots was lifted by a Ukrainian court in November 2017.

Developer Andriy Vavrysh worked as deputy director of the Department of Urban Planning and Architecture of the Kyiv City State Administration and head of the Kyiv Urban Cadastre Service from 2010 to 2015. Therefore, there is little doubt that he was aware of the history surrounding the Pechersk construction.

In 2019, LLC «MK-8» subleased the aforementioned plots from LLC «Ukrainian Fund for Regional Development» and LLC «Innovative Construction Company». Quite quickly, this company also managed to obtain urban planning conditions to resume construction on Vilshanska Street. It is through this company that Andriy Vavrysh enters the story of the Pechersk slopes development.

Since February 2018, «MK-8» has been registered under the Joint-Stock Company «Closed Non-Diversified Venture Corporate Investment Fund «Athlon». This fund is managed by Vavrysh’s lawyer, Dmytro Ovsiy.

Ovsiy is not just a lawyer – he previously managed the «Interregional Center for Technical Inventory», which was an investor in the development of documentation for construction on the Rybalsky Peninsula, currently being developed by Vavrysh’s Saga Development. Now, the MCTI is headed by Olha Kletsko, who is also close to Vavrysh and appears in many of his companies, including «MK-8».

During the same period, Andriy Bohdan, a long-time associate of Vavrysh, served as the Head of the Office of the President of Ukraine. This is one of the reasons why the developer was «riding high» at the time. Even the Office of the President, with Vavrysh’s help, planned to relocate to the Ukrainian House.

After Bohdan’s dismissal, Vavrysh’s affairs took a turn for the worse. This likely became the reason to seek a partner for the Pechersk development. In 2020, «Asset Management Company «Profinvest» signed an agreement with «MK-8», under which it was to purchase the construction project for a residential, office-commercial, and sports-wellness complex with integrated infrastructure and underground parking on Vilshanska Street.

The beneficiary of «Profinvest» is Oleksiy Prokopenko, who is also listed as one of the co-founders of «Bud Development». This company is linked to developer Vadym Stolar, who, since the start of the full-scale invasion, has shifted focus to construction in Dubai.

However, the purchase of the Pechersk project never materialized, and in 2025, «Profinvest» sought to recover funds through the court for the unacquired construction project from «MK-8».

Andriy Vavrysh began entering the management of two companies previously linked to the Kazakh BTA Bank, from which he subleased the land, in 2021. Initially, Serhiy Sofiyev, who has been associated with several of the developer’s companies, appeared among the founders, followed by the aforementioned «Athlon» fund, registered under lawyer Dmytro Ovsiy. Later, «MK-8» and another of Vavrysh’s managers, Olha Kletsko, joined the companies.

Vavrysh himself appeared among the founders of «MK-8» only in 2024, and at the same time, «MK-8» became one of the co-founders of «Ukrainian Fund for Regional Development» and «Innovative Construction Company», which were associated with the Kazakh BTA Bank.

In 2025, when it became clear that Stolar would not assist in developing the Pechersk plot, Vavrysh began looking for a new partner. Hennadiy Butkevych, the owner of the ATB supermarket chain, decided to step in. Back in 2015, the billionaire established the investment company BGV Group Management. However, until last year, it was focused on the mining sector.

The alliance with Vavrysh marks Butkevych’s first step into the residential real estate market. Initially, the ATB owner entered the construction site of Saga Development’s Boston Creative House near the «Pochayna» metro station.

In the company planning to develop the Pechersk slopes, «MK-8», Butkevych appeared in 2025. First through the affiliated investment fund «Magnum», and later independently.

As of now, «MK-8», «Ukrainian Fund for Regional Development», and «Innovative Construction Company» are owned by Vavrysh and Butkevych.

Butkevych was assisted in entering the construction business by the law firm «Aequo». On their official website, the lawyers reported on this case. Among the company’s founders is Anna Babich, who, according to journalists, had or has close personal ties with Oleksiy Filatov, the former deputy head of the Presidential Administration. Another co-founder was Mariya Nyzhnyk, who in 2015 became the deputy head of the Antimonopoly Committee of Ukraine (AMCU). At that time, the AMCU was headed by Filatov’s classmate, Pavlo Terentyev. During this period, «Aequo» held the largest share of AMCU concentration permits. The firm’s lawyers have been working with Butkevych since then. In particular, they supported the acquisition of the «Billa» supermarket chain and handled several antitrust court cases.

In conclusion, it can be said that the tandem of Vavrysh and Butkevych is rather situational. After Vadym Stolar failed to assist with the Pechersk development, it was necessary to find someone willing to finance the construction despite the full-scale invasion. Vavrysh was able to secure the project with the help of Ukrainian justice, which lifted the seizure of assets associated with BTA Bank. Although court proceedings regarding the land on Vilshanska Street are still ongoing, and local residents demand the creation of a park on the site, the project’s activation indicates that the construction will proceed.

Author: Olena Dobrodiy