Gennadii Butkevych, founder of BGV Group Management, has been included in LIGA.net’s ranking of the Top 20 Ukrainians Who Invested the Most in Ukraine During the Full-Scale War. He is the only person in the ranking represented by two separate businesses: as a co-owner of the ATB Corporation, which ranked fourth alongside its other shareholders, and as the founder of BGV Group Management, which placed ninth.

According to the study’s methodology, investments by ATB and BGV Group Management were assessed separately. ATB was evaluated as a corporation with multiple co-owners, while BGV Group Management was assessed as an independently owned investment business.

The ranking highlights BGV’s investments in sectors considered strategic for Ukraine, including mining, manufacturing, energy, retail, and real estate development. Between 2022 and 2025, following the start of Russia’s full-scale invasion, BGV’s total capital expenditures (CAPEX) amounted to UAH 8.4 billion.

Among the group’s key investment projects, LIGA.net highlights the launch of PORISTON aerated concrete production at the Aerok plant, the modernization of the Zelenyi Park paper mill, construction of the ZHYTO shopping center, expansion of the KOLO convenience store chain, the acquisition of the Zhytomyr Central Department Store, and the development of distributed power generation facilities with a combined capacity of 35 MW.

The ranking also emphasizes BGV Group Management’s investments in the development of critical minerals essential to Ukraine. According to LIGA.net, the company is developing projects involving graphite, beryllium, and rare earth elements, while also working to establish value-added production chains ranging from raw material extraction to manufacturing products for modern industry and the energy sector.

For reference

The Top 20 Ukrainians Who Invested the Most in Ukraine During the Full-Scale War ranking was prepared by LIGA.net in partnership with the Federation of Employers of Ukraine. It is the country’s first personalized study of capital investment, assessing the contribution of ultimate beneficial owners to Ukraine’s economic development.

To compile the ranking, analysts first identified Ukraine’s largest companies using publicly available data from the State Statistics Service of Ukraine, Opendatabot, Clarity Project, and other official sources. Only businesses with Ukrainian ultimate beneficial owners were included in the longlist.

LIGA.net then requested information on capital expenditures (CAPEX) in Ukraine for 2022–2025 from more than 60 leading Ukrainian companies and industrial groups. Only businesses that provided officially verified data were included in the final ranking, with positions determined by the total volume of verified capital investments.