Czech entrepreneur and owner of the investment group Dragon Capital, Tomas Fiala, has revised the structure of his business in Ukraine and transferred part of his assets into a family trust. The key reasons for this move are enhanced security, risk management, and the preservation of assets for his family.
According to YouControl data, throughout 2025 Fiala exited most companies in which he had previously been a beneficial owner. These include 24 commercial real estate assets with a total area exceeding 530,000 sq m, the mineral water producer Truskavetska, the media outlets finance.ua and Minfin, as well as the Ukrainian Retail Association. At the same time, Ukrainian Pravda, New Voice, Radio NV, and Unex Bank remain under his ownership.
Dragon Capital explains that the change in ownership structure is driven by several factors. First, there was a need to separate business lines — financial services, real estate ownership and management, and the attraction of foreign investment into Ukraine. Second, the restructuring addresses security concerns and risk management amid the war and heightened uncertainty.
A separate objective was to ring-fence established businesses with professional management teams within companies that own and manage real estate. This step was taken to preserve assets for the entrepreneur’s children. Despite Fiala’s formal exit from part of the companies, they remain within Dragon Capital’s orbit, as the trust’s beneficiaries are connected to him through family ties.
The beneficiaries are Tomas Fiala’s children — Maria, Lukas, and David — although their individual stakes do not exceed 0.1%. The largest stakes, ranging from 16% to 33%, were allocated to his mother, Dagmar Fialova, as well as Jarmila Janosova and Ivo Sukhy. The trustee of the Fiala Family Trust is BGS Trustees Limited, while Ivo Sukhy, Managing Director of Dragon Capital, acts as the trust protector and has the authority to block decisions that do not align with the interests of the beneficiaries.
The company emphasizes that not all ultimate beneficial owners listed in official registers should be equated with the actual owners of the business. The real beneficiaries of the trust are Fiala’s children and his mother.
Experts note that transferring assets into a family trust is a common practice in Western countries. According to Serhii Budkin, founder of FinPoint, such structures are used for flexible asset management, succession planning, and capital protection. Lawyers add that trusts help shield businesses from risks related to sanctions, litigation, divorces, and corporate conflicts, while also simplifying currency operations.
At the same time, such changes may entail certain risks, including reputational and regulatory ones, particularly in the context of KYC/AML requirements. During wartime, any corporate transformations attract increased scrutiny from both the media and regulators. However, a formal exit of a beneficial owner does not necessarily mean a loss of control, as influence over the business can be retained through trust governance mechanisms.
