Who bought the Kyiv-based Soviet electronics powerhouse, and why

Just yesterday, Ukraine’s state property fund held an auction for the sale of the Electronmash plant. The winner is Incom Rent LLC, with a bid of UAH 120.8 million (USD 3.3 million), which is almost twice the starting price of UAH 61.2 million.

Incom Rent is owned by Liudmila Yaroshenko and Oleh Mahalias.

Mr Mahalias is a long-time business partner of Ihor Balenko, a member of the Kyiv city council from the European Solidarity party and former owner of the Furshet chain of stores. In particular, they co-founded Group Centre LLC back in 1999.