Construction company Stolara moved investors' money abroad

The Ukrainian real estate market is literally flooded with fraudsters and dubious companies. News frequently emerges about the bankruptcy of one such company or unfinished construction projects funded by ordinary people.

This is what happened with developer SC "ENSO", which is linked to MP Vadym Stolar.

Recently, media reports emerged stating that Stolar is actively investing in luxury construction in Dubai. Traces of his connection with the Dubai-based company ENSO INVESTMENT L.L.C. can also be found in his official electronic declaration.

Meanwhile, the real estate market in the United Arab Emirates is experiencing a boom, particularly in major cities such as Dubai. Dubai real estate attracts both local and foreign investors due to the high reliability of developers, favourable purchase terms, and a stable economic situation. The average cost of apartments in prestigious areas of Dubai is significantly higher than in Ukraine, yet it is fully justified by the level of infrastructure and housing quality.

Regarding Stolar's involvement in the Dubai market, Ukrainian MPs are prohibited from directly engaging in business activities, although holding corporate rights is not banned. Thus, formally, there are no legal violations. However, in parallel with investments in Dubai, a drama continues on the Ukrainian market: the Kyiv-based developer ENSO of the same name is facing construction problems. Officially, Stolar is not listed as the owner of this company, but sources familiar with the Kyiv construction market indicate that the corporation was established with his funds.

The Ukrainian developer has already sold apartments in the "POETICA" residential complex. However, construction has stalled, allegedly due to a lack of builders. Later, it emerged that the company has financial problems. The funds simply flowed abroad. Presumably, it is with these funds that ENSO INVESTMENT L.L.C. is building houses in the UAE.