In Vinnytsia, the State Bureau of Economic Security seized nearly 820 pieces of jewelry at the Malva factory
The Economic Security Bureau seized nearly 820 pieces of jewelry at the “Malva Jewelry Factory” in Vinnytsia as part of an investigation into alleged tax evasion totaling 9.9 million hryvnia. According to investigators, the company may have used a scheme to artificially fragment its business.
Searches were conducted at the private enterprise “Malva Jewelry Factory.” Criminal proceedings were initiated under Part 2 of Article 212 of the Criminal Code of Ukraine, which pertains to intentional tax evasion.
According to the investigation, between 2023 and 2025, the company reported zero net sales revenue while simultaneously recording expenses for rent, utilities, and electricity. The production and sale of jewelry under the “Malva” brand, according to law enforcement officials, were carried out through a network of stores registered to individual entrepreneurs operating under a simplified tax system.
Investigators believe that the factory’s founder and director, as well as several sole proprietors, may have been involved in the alleged scheme. The stores through which the products were sold operated under the company’s trademark.
The private enterprise “Malva Jewelry Factory” was registered in 1994. According to the available data, its founder, director, and ultimate beneficial owner is Valentin Malovany, and its authorized capital is 25,000 UAH.
The circumstances of the case are under investigation. The mere fact of the seizure of property and the existence of criminal proceedings do not imply that the company or its officials have been proven guilty.
As a reminder, a money-laundering scheme involving 337 million zlotys was uncovered in Poland in connection with the KIT Group case in Ukraine.
For more details on the Ukrainian case, read our previous article: The BEB seized a record 630 million UAH during searches at Anton Tkachenko’s KIT Group.
Previously, former BEB detective chief Oleg Yashchuk was reportedly implicated in a scheme involving the fictitious employment of conscripts.
