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A firm registered in Dnipro with a code for aircraft manufacturing is managed by a former Pivdenmash designer and owned by a German linked to a Russian joint venture.
On 17 April 2026, LLC “CARBO SPACE ENGINEERING” was registered in Dnipro. The company’s sole founder is the German Aerospace Technology Group GmbH, with businessman Waldemar Royswich as the ultimate beneficial owner. The enterprise’s authorised capital is 600,000 hryvnia.
The main activity of the entity is listed as engineering, geology, and geodesy. Meanwhile, among other economic activity codes (EAC), item 30.30 is present, which covers “Manufacture of air and space craft and related equipment”. The company is located at an address where 40 other legal entities are already registered, and it has no own real estate or production facilities.
Serhiy Spyrkin is among the authorised persons of LLC “CARBO SPACE ENGINEERING”. He is known as the former chief designer of the strategic enterprise “Pivdenmash”, who worked for years at the rocket plant and has a deep understanding of Ukrainian rocketry.
However, the Ukrainian management has limited powers. According to the charter documents, any legal transactions or payments exceeding the equivalent of 2,000 euros require the mandatory consent of the general meeting, i.e. the direct owner.
The history of German businessman Waldemar Royswich is not limited to Ukrainian registration. In September 2019, a joint venture “Aerokosmicheskie Kompozitnye Tekhnologii” (ACT) appeared in Voronezh Oblast (Russia). According to Russian registry data, 25% of the joint venture’s authorised capital belonged to the German company “Aerospace Composites GmbH”, whose nominal share value was 25,000 roubles. Journalists identify this structure as Royswich’s business.
The Russian publication “Kommersant” described the purpose of creating the joint venture. According to company representatives, a tripartite agreement was signed: Aerospace Composites GmbH was to supply technological equipment, while MTKS was to order products for the crewed spacecraft “Argo”. According to Russian media, it concerned technological lines for manufacturing “Argo” parts and rocket engine nozzles. The profile of the German Aerospace Technology Group GmbH, which specialises in complex composite materials and carbon parts for aviation and space, matches the nature of such cooperation.
In response to journalists’ request, the general director of LLC “CARBO SPACE ENGINEERING”, Oleksandr Khilchenko, replied. He noted that as of September 2026, the company had not conducted any actual activity. The enterprise did not produce, develop, or supply products in the aviation, space, or rocketry sectors.
Regarding Serhiy Spyrkin, the company confirmed that he holds the position of executive director but called questions about his involvement in specific rocket or space projects unfounded due to the lack of activity. Khilchenko emphasised that the LLC has no links with Russian companies, and he is unaware of such links by Royswich himself or his firms. Meanwhile, the company acknowledged that it does not check the business reputation or sanction risks of anyone, including the founder and ultimate beneficial owner.
The name of Waldemar Royswich also appears in reports by the British institute RUSI, where he is mentioned in the context of possible sanctions evasion for the benefit of AFK “Sistema”, which belongs to Russian oligarch Vladimir Evtyushenkov.
The authors of the investigation claim that the combination of an EAC related to aircraft manufacturing, the presence of a former Pivdenmash designer in management, and an owner with experience cooperating with the Russian military-industrial complex could create a legal channel for the leakage of Ukrainian military-technical knowledge through European structures to the aggressor state. Journalists announced their intention to contact the SBU and the National Security and Defence Council with a request to verify the activities of LLC “CARBO SPACE ENGINEERING” for compliance with state secrecy legislation and to consider the possibility of adding the subjects to sanction lists.
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