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Automatically translated version. May contain inaccuracies compared to the original.
2 September 2026 of the year, the Inzhur MilTech fund, whose founder and CEO is Andriy Zhurzhii, announced raising 1 billion UAH in the first 20 days of selling investment certificates to finance drone manufacturer Vyriy Industries. At this moment the fund has brought together nearly 25 thousand investors, and its assets under management amounted to 1,031 billion UAH. Against the backdrop of substantial fundraising, the Supreme Court confirmed the decision in the private dispute between Andriy Zhurzhii and Valeriy Kulik regarding interest on a loan agreement.
According to the materials of the court case, 18 August 2022 of the year, Andriy Zhurzhii entered into a loan agreement with Valeriy Kulik for 20,375 million UAH. The dispute concerned interest for the use of these funds for the period from 19 August 2022 of the year to 28 February 2023 of the year. It was specifically about payment for the use of the loan, not penalties for late repayment. Based on the proceedings in three courts, Andriy Zhurzhii is liable to pay more than 2,7 million UAH in interest, media outlets report. At first, the court of first instance refused the claim. The appellate court changed this decision and granted the claims for interest, after which the case reached the Supreme Court. The cassation instance agreed with the appellate conclusion: the contract provided for a monetary loan in hryvnias, and the parties did not designate it as interest-free. Under these circumstances, the court applied provisions of Article 1048 of the Civil Code regarding the lender’s right to receive interest. This dispute concerns private relations between Andriy Zhurzhii and Valeriy Kulik and is not a case about funds of Inzhur investors or Inzhur MilTech’s assets. At the same time, the Supreme Court’s decision appeared at a time when Andriy Zhurzhii is raising funds from retail investors through a new fund, which makes questions about the structure of the manager’s financial obligations a separate item of attention for potential investors. The Inzhur MilTech mechanism differs from a usual direct purchase of corporate bonds. An investor buys fund certificates, and the fund directs the raised funds into corporate bonds of Vyriy Industries. Inzhur acts as the underwriter of the issue. According to the fund, the bonds have a nominal value of 1 thousand UAH, a circulation term of three years, with redemption planned for 26 July 2029 of the year. The first year for the bonds provides a coupon yield of 25% per year in hryvnias with payments every 35 days. The fund itself proclaims an expected average annual simple yield for Inzhur MilTech of 25–29% over three years. At the same time, this is about forecast yield, not guaranteed investor profit. The issuer also reserves the right to decide on early redemption or change the rate after the completion of the first and second years of bond circulation. Funds raising began on 13 August 2026 of the year. Already in the first day the fund reported over 500 million UAH from 12 239 investors, with an average contribution of 40 819 hryvnias. By 2 September, the number of co-owners grew to nearly 25 thousand, and the amount raised reached 1 billion UAH. Inzhur stated the plan to raise for Vyriy Industries up to 5 billion UAH by the end of 2026 year. Vyriy Industries uses the raised capital to increase working capital and scale production of unmanned systems. According to Inzhur, the company in 2025 year generated about 11 billion UAH in revenue and had over 2 billion UAH of equity. 14 August 2026 year the bonds of Vyriy Industries and the company itself were assigned a credit rating uaBBB on the national scale with a stable outlook. Separately, attention to the investment structure is drawn by the fact that in July 2026 year the State Bureau of Investigation conducted investigative actions at Vyriy Industries and at the residence of its owner Oleksiy Babenko in a proceeding regarding possible overpricing of drones produced and the use of a network of companies and individual entrepreneurs with signs of fictitiousness. In July, the Pechersky District Court of Kyiv refused the DBR’s request to arrest 32 million UAH, seized during searches, after which the funds were returned to the company. These circumstances are the subject of a separate criminal proceeding and do not by themselves establish the guilt of Vyriy Industries or its officials. For Andriy Zhurzhii, the court dispute with Valeriy Kulik and the raising of a billion hryvnias through Inzhur MilTech remain legally separate stories. The first concerns the performance of a private loan agreement, the second concerns the operations of an investment fund and financing of Vyriy Industries’ corporate bonds. At the same time, the Supreme Court’s decision on more than 2,7 million UAH creates for a prospective investor a concrete question about the execution of the court’s decision and the current status of settlements. Open materials available at the time of preparing the material do not justify the assertion that the awarded interest was not paid.
Document: PDF proof of the original version of the news item "Андрій Журжій: мільярд інвесторів на тлі боргової справи". It records the publication content at the moment of the first scan, the preservation date and the source: Fraza.
