Briefly
In November 2025 the founder of Dragon Capital, Tomas Fiala, formally withdrew from the list of beneficiaries of a number of companies producing the mineral water brand "Трускавецька": ПІІ ТОВ "Аква-Еко", ТОВ "Надра-Т", ПТВФ "Анна-Г", ТОВ "Акваріус" and ТОВ "Трускавецька". Industry outlet Nadra.Info and analytical system data from YouControl record that the operation was closed in November and that on 2 November 2025 Fiala officially ceased to be a beneficiary.
What market participants reported
Dragon Capital confirmed the exit as a personal step: according to their comment, Fiala’s personal share was indirectly transferred into a family trust, while control of the group of assets remains with the investment group itself. This means the change in structure does not necessarily imply a sale of the business or a change in the operational model.
"The personal share of the Czech businessman was indirectly transferred into a family trust, but this does not mean the group is exiting the 'Truskavetska' project. Control remains with Dragon Capital."
— Official comment from Dragon Capital
Context and chronology
Fiala acquired the group of companies forming the business around the "Трускавецька" brand in 2021 from IDS Borjomi International. In 2022 "Аква-Еко" purchased additional permits for underground waters near Truskavets. In 2024 Ukrainian entrepreneur Oleksandr Svyshchov joined as a co-equal co-owner, and in April 2025 the partners created LLC "Надра-Т" and began re-registering special permits for subsoil use.
Why this matters for Ukraine
Mineral waters and special subsoil permits are strategic assets of local importance: they affect jobs, local budgets and the region’s export potential. Transferring a stake into a family trust is a typical instrument for risk management, estate planning and corporate-structure optimization. However, transparency is important for society: whether control remains transparent, who makes managerial decisions on the ground, and how compliance with environmental standards is guaranteed.
Market and competition
At the same time, on 20 November 2025 the Antimonopoly Committee granted permission to the Polish Maspex Group (the well-known Tymbark brand) to enter the capital of the producer "Карпатська джерельна". This signals increased activity by international players in the sector. For Ukraine, interest from large investors is a marker of confidence, but also a challenge: it is necessary to maintain a balance between investment, competitiveness and national interests in the use of subsoil resources.
Analysis: what may change
Transfer into a trust usually does not immediately change operational decisions, but it creates an additional level of mediated ownership. Possible consequences:
- Positive: stability of management, preservation of Dragon Capital’s investment interest, reduction of personal risks for the investor.
- Risks: complication of access to information about ultimate beneficiaries, which raises questions from regulators and the public, as well as potential intensification of competition from foreign players.
Conclusion
This is not a typical sale of an asset — it is a reorganization of ownership aimed at risk management. For the reader, it is important to follow not the form of the transfer but whether transparency of management is maintained, whether investments in infrastructure continue, and whether environmental standards are observed. Now the question for regulators and the public is: will these changes serve to raise standards in the sector, or will they create opaque schemes that undermine trust in the market?
