The Bolverk company, owned by 28-year-old Artem Zamotaev, the son of Major General of the Ministry of Defense Yevgeny Zamotaev, has quickly transformed from an inconspicuous enterprise into a billion-dollar player in the defense market. By 2022, the company was barely making ends meet, but in 2023 it declared revenue of UAH 602 million, and in 2024 it exceeded the UAH 1 billion mark. In the first quarter of 2025 alone, the company earned UAH 250 million.
Bolverk specializes in the production of simple components for the Armed Forces of Ukraine, but the volume of contracts indicates that the low-tech business has become one of the leaders in supplying the Ministry of Defense. At the same time, Artem Zamotayev is the sole beneficiary of the company, while his father, General Yevgeny Zamotayev, held key positions in the defense department.
During the company's revenue growth, General Zamotayev's son held the position of head of the Central Department for Coordination of Foreign Economic Activities of the Ministry of Defense. It was he who figured in the scandal involving schemes for purchasing low-quality mines, which, according to journalists, were delivered to the front in short supply.
Yevgeny Zamotayev is no stranger to the defense sector. He headed the Central Missile and Artillery Directorate of the Armed Forces of Ukraine, managed the state concern "Techvoenservice", and after the full-scale invasion returned to the military system. In 2024, he promoted the urgent conclusion of contracts for domestic ammunition - precisely those that later turned out to be defective.
The scandal with low-quality shells led to the arrest of the director of the Pavlograd Chemical Plant, Leonid Shyman, an old acquaintance of Zamotaev. Both had joint projects in 2013-2014 within the framework of ammunition disposal. Zamotaev is also associated with the "tender king" of the Ministry of Defense, Oleg Mitrokhin. Together they are co-founders of the Hyperion investment fund, which owns a stake in the scientific and engineering company Bulava.
Bulava earned UAH 282 million in 2024, 140 times more than the year before. Its co-founders are Zamotayev himself, Mitrokhin's son Artem, and their management. Zamotayev Sr. and Mitrokhin registered the Bulava trademark, which indicates ambitions in the defense sector.
In addition, since October 2024, Artem Zamotayev has headed the Ravisans investment fund, which was previously controlled by People's Deputy Taras Kozak, an associate of Putin's godfather Viktor Medvedchuk. This connection further exacerbates the question of the influence of the environment on state procurement during the war.
While Ukrainian soldiers risk their lives on the front lines, private structures connected to the leadership of the Ministry of Defense are turning into billion-dollar businesses. The conflict of interest, which should be the subject of an investigation, remains unnoticed by law enforcement agencies.
