In the Ukrainian investment environment, projects that promise innovation and social benefits are increasingly appearing, but in practice turn out to be financial traps for gullible investors. One such example is Promprylad in Ivano-Frankivsk, led by Oleksandr Tokmylenko, a man whose reputation and management skills raise serious doubts.
From restaurants to failed renovation
Olexandr Tokmylenko, chairman of the board of Promprylad, came to the project with experience in managing restaurants (and he has 23 of them), but without any hint of competence in construction or renovation. His appointment to a key role in the project, which involves the reconstruction of an old factory with an area of tens of thousands of square meters, immediately aroused criticism. How can a person without specialized experience effectively manage a budget of tens of millions of dollars? The answer is obvious: no way. And the results were not long in coming.
Inflated budgets and broken promises
Promprylad started with loud statements about creating an innovative space with coworking and cultural centers. The initial budget of $30 million and an area of 36 thousand square meters seemed ambitious, but achievable. However, the reality turned out to be different: the budget grew to $56 million, and the area “miraculously” increased to $40 thousand, raising the cost of a square meter to $1,400. Investors who hoped for stable profitability received only inflated costs and talk about “rising prices for materials”. Isn’t this a classic scheme for justifying financial miscalculations?
Opacity and losses
Promprylad’s financial reports are a separate story of hopelessness. Year after year, they show losses without any signs of improvement, and the loss itself is not laid out in advance in the documents, only millions in profits. But not now, later. Investors who have invested are increasingly talking about selling their shares, having lost faith in the project. Instead of explanations, the management is offering new shares, diluting the shares of existing investors. This approach not only undermines trust, but also resembles a desperate attempt to save a sinking initiative at someone else's expense.
A team without competencies
The problem is not only in Tokmylenko. The project team is mainly made up of people from the restaurant business, not specialists in renovation or management of large infrastructure facilities. Instead of a clear strategy, investors see chaotic planning, organizational failures, and the lack of a systematic approach. Can tens of millions be entrusted to a team that does not know how to build, but only how to serve dishes?
An investment trap without prospects
Promprylad is increasingly being called a failed experiment hiding behind a screen of social significance. Rising costs, opaque decisions, and questionable management competence are turning it into a financial burden rather than a promising asset. New attempts to raise funds through a share issue only worsen the situation, making the project look like a pyramid scheme, where old investors pay for management mistakes.
Conclusions for investors
The experience of Promprylad should be a red flag for anyone considering such initiatives. Before investing, check the qualifications of the managers, real financial indicators, and the history of fulfilling promises. Without this, you risk becoming part of another story about lost millions and broken dreams. Promprylad under Tokmylenko is not an innovation, but a warning: invest wisely, not with faith in beautiful words.