Denis Shtilerman, chief designer and majority shareholder of Fire Point, who according to his declaration owns 97.5% of the company, appeared before a Temporary Investigative Commission (TIK) of the Verkhovna Rada and confirmed what had been suspected since December: the deal with Arab investors is real. However, its status is far murkier than "under AMCU review."

What Shtilerman confirmed — and what remains unanswered

When TIK members directly asked about the outcome of negotiations with the UAE, Shtilerman replied: "Nothing, this matter is currently under AMCU review." However, this answer contradicts the committee's own official position.

"No repeated application for approval of concentration involving the mentioned business entities has been submitted to the Committee during the current year"

— AMCU response to The Defender Media inquiry

According to AMCU data, an application from EDGE Group — the defense holding of the UAE's sovereign wealth fund — was received on December 30, 2025, and was returned without review on January 14, 2026, due to non-compliance with procedural requirements. No resubmission was made by May.

Meanwhile, Fire Point CEO Iryna Terekh stated in a March interview that the company "added the necessary documents and resubmitted." AMCU denies this.

What the deal is worth and what's at stake

The discussion concerns the sale of 30% of Fire Point for approximately $760 million — which would value the entire company at $2.5 billion. For comparison: at the TIK, Shtilerman also mentioned a higher figure — the refusal of an option worth $5.8 billion, which some deputies called fantastical.

EDGE Group is not merely a private buyer. It is a weapons and drone manufacturer that is part of the UAE's sovereign wealth fund structure. In other words, if the deal had occurred, it would have meant partial state ownership by a foreign country in a key Ukrainian defense enterprise — one that produces the Flamingo cruise missile with a range of up to 3,000 km and a 150 kg warhead, and currently produces three missiles per day.

Context: why the TIK is investigating Fire Point

The TIK, chaired by parliamentarian Oleksiy Honcharenko (European Solidarity faction), is investigating possible violations in the defense sector — specifically alleged connections between the company and sanctioned businessman Timur Mindich. The National Anti-Corruption Bureau (NABU) reported in 2025 that it was investigating Mindich as a probable ultimate beneficial owner of Fire Point. Shtilerman rejected the accusations at the TIK and stated that no criminal cases exist against the company or its management.

Separately, Shtilerman reported that he had renounced Russian citizenship — a matter that arose in connection with the investigation.

• EDGE Group application submitted to AMCU: December 30, 2025
• Returned without review: January 14, 2026
• Resubmitted application (according to CEO Terekh): submitted. But AMCU does not confirm it
• Shtilerman at TIK: matter "under AMCU review"

The problem runs deeper than procedure

Formally, AMCU acted within regulations — returning documents due to technical non-compliance. But the real issue is different: Ukraine still lacks a legally established system for screening foreign investments in the defense sector. So even if Fire Point eliminates procedural deficiencies, the question of whether a part of a strategic missile manufacturer should belong to a foreign sovereign fund at all will remain open — and no regulator currently has a clear mandate to answer it.

If the Verkhovna Rada does not pass a framework law on foreign investments in the defense-industrial complex by the end of 2026, the next application — from any buyer — will follow the same path: technical return instead of substantive decision.