From Kharkiv to Dubai: How Yegor Maslennikov Built a Real Estate Empire on Trust and PowerPoint

Escaping Kharkiv, Landing in Luxury

In 2021, Yegor Maslennikov (Iegor Maslennikov)—a Kharkiv-based property developer once spotted behind the wheel of a brand-new half-million-euro Rolls-Royce outside the Monte Carlo casino—resurfaced in Dubai. In a city of towering ambition and architectural excess, he launched a new life. He founded Object 1 and boldly declared himself an international real estate mogul. His ambitions quickly took shape: nine property developments across Dubai, from high-rise residences to what he called “architectural masterpieces.”

But behind these grand promises lay a calculated attempt to bury a scandal-tainted past in Ukraine and reemerge in the UAE as a respectable businessman. The question is: can the golden sands of Dubai permanently conceal the skeletons Maslennikov left behind in Kharkiv?

The Object 1 Showcase: Skyscrapers or Smoke?

“Dubai is a gallery, and buildings are its exhibits,” proclaims the Object 1 slogan. Leaning hard into this concept, Maslennikov rolled out a lineup of projects with loud, stylized names: RA1N, V1TER, 1WOOD, OZONE 1, The Fifth Tower, The W1NNER, Lum1nar Tower 1 and 2, Evergr1n House, ESSENL1FE. Each uses the digit “1” in place of the letter “I”—a branding gimmick meant to underline the company’s supposed primacy. The renderings dazzle: sleek towers, rooftop pools, hanging gardens. But how much of it is real?

RA1N, Object 1’s flagship Dubai development, is a 25-story residential tower in Jumeirah Village Circle (JVC). As of May 2025, its concrete skeleton is fully erected, with finishing work underway. Construction is running nearly 24/7—perhaps because the original handover date was set for 2024. It’s marketed as a stylish complex with one- and two-bedroom apartments, a private pool, a gym, and landscaped walkways. Penthouse units even advertise private rooftop pools—on paper, it all sounds ultra-luxurious. The tower’s facade overlooks a road still flanked by active construction. Units start at AED 956,936—about $261,000.

Just 250 meters away, a near-identical twin is rising: V1TER, also 25 floors, 175 units, featuring a rooftop pool, sauna, and outdoor fitness zone. That project is reportedly nearing completion. Then there’s 1WOOD, another JVC building offering views of the trend-setting Five Hotel (famous for its slanted shape). By May 2025, the 17-story tower had its parking and ten residential floors complete, with delivery expected in Q3 of the same year.

OZONE 1 (stylized OZON1), another JVC project, was planned to reach 25 stories, but so far, only the parking structure and two floors are built. The design includes a pool, gym, and children’s play area—the typical Dubai residential package. The Fifth Tower, however, boasts a genuinely enviable location. From the upper floors of this 36-story building, residents are promised panoramic views of the Dubai Eye Ferris wheel and the iconic Burj Al Arab. For now, only the podium parking structure is finished, though construction continues.

Maslennikov launched three more projects in this same district: W1NNER and two Lum1nar Towers. But according to locals, progress is slower here—workers and machines are on-site, but the sky remains a distant goal. Then there’s the most ambitious concept: Evergr1n House, envisioned in the upscale Jumeirah Garden City. One side promises sweeping views of the Museum of the Future and Sheikh Zayed Road; the other, the Persian Gulf. So far, it’s just a construction pit. Heavy machinery is on site, but the building remains a dream in dirt.

And finally, ESSENL1FE Residence—a 28-story wellness tower in JVT, introduced as the next chapter in “living at your own rhythm.” The handover is optimistically set for 2027. Studios start at AED 752,000, which is modest by Dubai standards. The real question: will anything from Object 1’s earlier portfolio be finished by then?

The visuals continue to sell the dream: glowing pools, palm trees on terraces, futuristic silhouettes. But the reality is much more mundane. Not a single Object 1 project in Dubai has been completed. Most developments are stuck somewhere between a hole in the ground and a shell of concrete. Nevertheless, investors have already paid in. According to Maslennikov himself, more than 860 units have been sold—off-plan, in buildings still under construction.

So who’s buying homes from a man with no finished buildings and a history that raises questions?

Maslennikov gives a hint himself. Object 1’s office is in Emaar Square, one of the most prestigious commercial towers in Downtown Dubai—a deliberate move to impress potential buyers. The company’s primary target? Wealthy Russian-speaking clients. No surprise: the Object 1 website is available in Russian, and Maslennikov frequently gives interviews in the language of the aggressor state. The result? Russians have become the core customer base. In fact, their demand is what fuels the whole machine.

It’s a striking paradox: a Ukrainian developer whose Kharkiv projects were frozen by war now sells real estate in the UAE primarily to citizens of the country that started that war. Patriotism aside, business, it seems, is borderless.

An Empire of Four LLCs: Inside the Corporate Kitchen of Object 1

Behind the bold Object 1 brand lies a carefully engineered legal scaffolding. Contrary to appearances, Yegor Maslennikov never ran a global property conglomerate—he built his empire from scratch. According to Dubai’s corporate registry, four companies were established between 2022 and 2024. These firms now constitute the informal “group” Maslennikov markets under the high-sounding label TSZ Group. Here’s a look at the building blocks of his Emirati venture:

• Object One Investment in Commercial Enterprises & Management Co. LLCRegistered on April 28, 2022, this company holds a license for investment and commercial management activities. It’s a single-owner LLC—owned, unsurprisingly, by Maslennikov himself. The listed address is Office No. 90-103 in the Al Murar district. That office, records show, is owned by one Mohammed Abdulaziz Mohammed bin Faris, who likely serves as Maslennikov’s local sponsor or landlord. Even the contact email listed on the license isn’t a generic company address but Maslennikov’s personal inbox: [email protected]. A direct line to the boss.
• Object One Real Estate Development LLCFiled on September 30, 2022, this second company is also a single-member LLC, this time dedicated to real estate development. Maslennikov gave it a more prestigious address—Office G03 in Downtown Dubai, in a complex near the Burj Khalifa. The unit is owned by Alavan Global Assets Ltd, suggesting the space is leased from a large real estate holder. The contact email here is more corporate: [email protected]. This is likely the public-facing entity—its polished Downtown address features prominently on the Object 1 website and in marketing brochures.
• TSZ Real Estate Development LLCThe third puzzle piece, registered on March 23, 2024. Another single-owner company with a real estate license. One might ask: why create a second developer with the same function? Possibly to bolster the illusion of a diversified holding group. But the details raise eyebrows: the listed email is [email protected]. When our researchers looked it up, they were stunned to find a dating profile registered under the same address—belonging to a “Valeriy from Kharkiv,” who describes his interests as “group fun, generous sponsorship, BDSM.” (We’ll skip the rest.) Could a construction company’s official email really match that of a swinger site regular? It appears so—a careless, and frankly ridiculous, oversight.The address of this TSZ entity is nearly identical to the first: Office No. 89-103, again in Al Murar, right next door to Object One Investment. Both units are owned by the same Mr. bin Faris. So Maslennikov’s companies sit side by side, in the same building, under the same local patron. The links are more than circumstantial.
• TSZ Investment in Commercial Enterprises & Management Co. LLCThe final addition, registered on January 27, 2023. Its function: investments and business management—effectively serving as a shell holding company. Another single-owner structure, and once again Maslennikov is directly involved: the contact email is [email protected]. This time the office is in Al Barsha South 4, Unit A304, in a building owned by Prime Commercial Holdings LTD. It’s likely a leased space—possibly to simulate geographic spread.

Taken together, the quartet tells a clear story: two companies under the “Object One” name, two under “Object One” all controlled entirely by Maslennikov. All were registered in quick succession after his arrival in the Emirates, forming the foundation of his new venture. Two of them (Object One Investment and TSZ Real Estate Development) share the same building and sponsor; two (Object One Investment and TSZ Investment) use the same personal email. The corporate web is so tightly interlaced that the so-called TSZ Group reveals itself for what it is: a façade—concealing the reality that everything leads back to one man.

TSZ Group: A Fiction of Global Proportions

Maslennikov never tires of repeating that Object 1 is part of the “international TSZ Group”—a company, he claims, founded back in 2010 with real estate experience across Ukraine, Spain, and the UAE. It certainly sounds impressive. There’s just one problem: TSZ Group doesn’t appear to exist.

Search for it online—nothing. Check corporate registries in Ukraine, the Emirates, or elsewhere—no trace. There is no official website, no historical data, no paper trail. The so-called TSZ Group came into being only after four Dubai-based companies with “TSZ” in their names were registered. Those firms are the entirety of what lies behind the brand. In reality, TSZ is little more than a marketing construct—an acronym designed to give Object 1 the aura of affiliation with a sprawling multinational conglomerate.

Still, Maslennikov uses the TSZ label wherever he can. Take the Spanish project Barrio De Oro, for instance. Its website proudly proclaims it is “part of the international TSZ Group operating in the real estate markets of Ukraine, Spain, and the UAE” (barriodeoro.com). Dubai real estate agents repeat the same mantra in listings for Object 1 properties: “part of the international TSZ Group, active since 2010.” It’s all part of an elaborate branding illusion aimed at inflating the company’s credibility in the eyes of investors.

Because let’s face it—“a brand-new company launched by a fugitive Ukrainian developer” doesn’t inspire much confidence. But rebranding it as the outpost of a well-established global player? That sounds like money. In truth, Stroy City Development, Maslennikov’s old company in Kharkiv, simply put on a new suit—and out came TSZ Group, a name nobody had heard before, but that now supposedly dates back to 2010. The trick worked: most buyers have no idea the group is a phantom.

The Spanish Connection: Villas, SLs, and Old Ties

Beyond Dubai’s high-rises, Object 1 is dabbling in European real estate—specifically in Spain. Maslennikov proudly promotes two projects on the Catalan coast: Barrio De Oro and Casa Barrio. In reality, these are two exclusive three-story villas in the province of Barcelona, priced at a cool $4 million each.

To manage them, Maslennikov’s team created Barrio De Oro S.L., the only non-Dubai entity in the so-called “TSZ Group.” The company was incorporated on May 26, 2022—around the same time the Dubai companies were established. Oddly, it’s not registered in Barcelona, but in the town of Silla, near Valencia. The legal address: Avenida Reyes Católicos 123, Bajo, Silla, Valencia.

And here’s where it gets interesting. According to the Spanish corporate registry, the director of Barrio De Oro is Dmytro Lozhnikov, and the authorized representative is Oleksandr Stupin. That last name should raise eyebrows: Oleksandr is the husband of Yulia Stupina, the former CFO of Stroy City Development back in Kharkiv. In other words, the Spanish assets are being overseen by close business associates and family members of Maslennikov.

The company’s declared capital is laughably low—just €3,100. But it appears to be a convenient vehicle for managing Spanish property transactions on behalf of Object 1’s clients. As for Casa Barrio, it likely isn’t a separate legal entity at all, but simply a branding label for the second villa—a boutique “residence for the chosen few.”

On the Object 1 website, the Spanish ventures are dressed up as part of a sweeping international strategy. Mediterranean landscapes are splashed across the screen, with taglines promising “the perfect setting to experience life by the sea.” But the facts tell a different story: Barrio De Oro S.L. is run by Maslennikov’s own people, and its creation perfectly coincides with his self-imposed exile. The connections stretch from Kharkiv to Barcelona. The CFO of his former firm now participates in his new venture—through her husband, of course.

So when Object 1 touts its Spanish portfolio as a sign of global reach, what it’s really offering is a carefully packaged extension of the same old network.

The Right Hand: Tatyana Tonu, Curator of the Brand

Meet Tatyana Tonu, managing director and the official voice of Object 1. A polished blonde in a tailored suit, she confidently takes the stage to discuss the secrets behind the developer’s Dubai expansion. At conferences and in media coverage, it’s Tonu who speaks for the company—giving statements, penning articles, delivering greetings and making grand announcements.

But Tonu isn’t just a hired executive. She’s one of Maslennikov’s most trusted allies—a long-time friend, and, according to whispers, even his child’s godmother. In many ways, she’s the bridge between Yegor and his investors.

In Dubai, Tonu oversees marketing and sales. No deal gets closed and no public event takes place without her direct involvement. She’s the architect of Object 1’s “premium developer” persona. At a global real estate summit in March 2024, she delivered a keynote on Object 1’s “first steps in the UAE: legal groundwork, market analysis, and business model selection”—carefully curating the impression that the company had deeply rooted itself in the Gulf region.

The irony is hard to miss. Just a few years ago, Tonu was working in Ukraine for Maslennikov’s previous firm, Stroy City. Now she’s on stage in Dubai, delivering lectures on breaking into new markets. And who better than her to understand the inner mechanics of Maslennikov’s machine? They share not only a professional history, but also deep personal trust. Tonu serves as a kind of filter, through which Object 1 broadcasts only optimism and sparkle—scrupulously avoiding any unpleasant truths.

Royal Appearances? Announced Partnerships Without Substance

To enhance its prestige and credibility, Object 1 spared no flair in its PR campaigns. In the summer of 2024, the company proudly announced two “strategic partnerships” with members of Dubai’s royal circles. In early August, Sheikh Saeed Obaid Al Maktoum—allegedly a member of the ruling family and head of AJSM Investments—was said to have visited the Object 1 office. A press release heralded “the beginning of a new phase of cooperation,” with plans for a joint development. A radiant Maslennikov declared: “This is only the start of a grand journey for Object 1.” The team expressed their gratitude to the sheikh and vowed to “set new industry standards.”

It sounded impressive—almost too impressive. A member of the Al Maktoum dynasty forming a partnership with an unknown upstart?

Just weeks later, Object 1 announced another high-profile visitor: Awad Mohammed bin Al Sheikh Magrin. According to the company, Maslennikov met with him to discuss “joint construction projects and involvement in various sports initiatives.” Media coverage framed it as a formal alliance that would “open new horizons.”

But look closer, and doubts surface. AJSM Investments has made no mention of any collaboration with Object 1. Nor has Sheikh Saeed Obaid Al Maktoum made any public statements to confirm it. There’s no trace of the partnership in official government channels. Most likely, the meeting—if it happened at all—was a one-off, possibly arranged through a mutual acquaintance. But in the hands of Object 1, it became a full-blown media event.

And what of the second “partner,” Awad bin Al Sheikh Magrin? There is almost no publicly available information about him. The so-called “memorandums of understanding” appear to exist only in Object 1’s press releases. Still, name-dropping royalty is priceless PR. It suggests legitimacy. It reassures investors. It turns a fledgling company into a presumed insider. But look past the press clippings, and something is missing: actual investments. Construction sites. Commitments. So far, all there is… is talk.

Marketing Mirage: Luxury Packaging, Budget Reality

Object 1’s marketing strategy deserves a spotlight of its own. Maslennikov and his team have gone to great lengths to present themselves as a “premium developer”—despite clearly operating in the affordable housing segment. Contradiction? Not for this team. They bombard the media with impressive, yet difficult-to-verify figures. Sales volume up 913% in one year. Over 860 units sold. Nine projects launched in just two years. These numbers were blasted across press releases, picked up by industry blogs, and even echoed by Arabian Business—a narrative of meteoric growth.

In one interview, the founder was told point-blank: “Your company has shown a remarkable 913% year-on-year growth…” (entrepreneur.com). What the article didn’t mention was the baseline. A few sales in month one versus a full year? Multiply anything by a hundred and you’ll get big numbers. But hey—it sounds great.

Object 1 also claims to have “completed nine modern real estate developments in Dubai in just two years.” As we’ve seen, not one of them is actually finished. Yet such statements build the illusion of success. Customers are led to believe this is a young company that’s already among the top three developers in JVC/JVT, with hundreds of happy buyers and record-breaking momentum.

Maslennikov also likes to tell investors: “We build with our own money.” Object 1 emphasizes that it does not rely on bank loans, presenting this as a strength—no debt, no risk of default. But critics point out the obvious: the real source of funding is buyers’ prepayments. Who needs a bank when you’re selling apartments before even pouring the foundation? The “own money” claim is, at best, a half-truth—designed to reassure.

Their website and marketing decks are filled with soaring rhetoric:

“We see contemporary architecture as a form of art… an innovative masterpiece, shaped by exceptional construction quality.”

The goal is to paint the company as a visionary force. Object 1’s promotional materials are thick with buzzwords: elegance, sustainability, human-centered design. Social media videos show their towers “reshaping Dubai’s future skyline” alongside industry giants.

Meanwhile, their ads flood local property aggregators. On platforms like Bayut and Property Finder, their listings are described as “modern, high-quality, yet competitively priced”—a paradox that fuses luxury with affordability. This oxymoron lets Object 1 fish in two ponds at once: the high-end dreamers and the mass-market bargain hunters. Listings promise high ROI, early-stage discounts, and investor-friendly terms. The company is especially aggressive on Russian-language platforms: banner ads, Telegram channels, and real estate forums promote projects like 1WOOD or OZONE 1 with taglines like “from the renowned developer Object 1.” The result? A buyer in Moscow or Kyiv who’s unfamiliar with the backstory finds a flood of praise—awards, “royal partnerships,” explosive growth. It all looks very real.

But the shine only goes so deep. Independent analysts call it like it is: Object 1 is a budget developer, offering some of the cheapest off-plan units in Dubai. This is not “ultra-luxury”—it’s economy-to-midrange housing, cloaked in marketing spin.

Starting prices of €150,000 to €200,000 per unit sit at the bottom of Dubai’s new-build market. That’s precisely why demand is hot: these apartments are within reach for many, including Russian clients eager to move funds out of the country. Maslennikov has found a sweet spot—selling budget construction as high-end living. Buyers think they’re getting discounted business class, when in fact, they’re financing the city’s next batch of economy towers.

Reputation Cleanup: How to Erase a Past

Every glossy success story has its shadow. While Object 1 continues to broadcast sparkling figures and smiling faces, a quieter effort is underway in the background: a coordinated campaign to wipe out anything that might tarnish the company’s image—or that of its founder.

Between 2023 and 2024, critical content began surfacing across platforms like YouTube, Telegram, and various independent websites. These exposés explored Maslennikov’s past in Kharkiv and took a harder look at the reality behind his Dubai projects. But many of these posts soon disappeared—mysteriously, and without a trace.

Insiders say Object 1 has no qualms about paying to make such content vanish. In other words, creators are reportedly offered cash settlements in exchange for taking down damaging reviews or investigative pieces. Officially, the company says nothing. Publicly, it behaves as if no criticism exists—while its PR engine marches on.

Maslennikov is particularly sensitive when it comes to his Kharkiv history. Neither he nor his team ever disclose to investors that the so-called “international developer TSZ Group” is just a rebranded version of Stroy City—a local Ukrainian firm known for scandal long before the war. (We’ll explore those stories in a future report.)

Of course, scrubbing the truth in the digital age is no easy task. Some Ukrainian investors—burned by earlier promises—still find ways to share their stories with counterparts in the UAE. Journalists continue to publish investigations on independent platforms. Yet Object 1 remains determined to maintain its flawless public image, brushing aside inconvenient questions. The priority is clear: sell the dream in Dubai. And the past? The past must be erased.

Between Illusion and Reality

The story of Yegor Maslennikov and Object 1 reads like the plot of a high-stakes caper. A runaway developer restarts his career in exile, making grand promises of towers in the sky and dropping names of sheikhs along the way. On one hand, there’s the radiant mirage of Dubai—a city where dreams seem achievable and PR turns ambition into fact. On the other, there’s the haunting echo of Kharkiv—where construction sites lie frozen and investors were left holding the bag.

Maslennikov walks a careful line between these two worlds. He cloaks himself in the image of a bold innovator and cultural patron, claiming to fund “art skyscrapers” out of his own pocket. Yet the methods remain familiar: early buyer deposits, ambitious pre-construction hype, and a heavy reliance on smoke-and-mirrors marketing.

Object 1 is both a showroom and a smokescreen. A showroom—because it displays ambition, scale, and glossy partnerships. A smokescreen—because behind the curtain lies something much more ordinary: a risky development venture, wrapped in elegant language and projected through a lens of illusion.

To Be Continued: Part Two of the Investigation Coming Soon