Africa’s largest private defence company moves to supply Ukraine with new armoured vehicle

Paramount Group, the Sandton-based defence manufacturer founded by South African entrepreneur Ivor Ichikowitz, is entering Ukraine’s fast-growing military procurement market as the war reshapes defence supply chains.

The company, which supplies armoured vehicles, aircraft, naval systems and defence technologies to customers in more than 25 countries across several continents, is expanding internationally as South Africa navigates ties with Moscow while adhering to a policy of non-alignment, amid heightened Western scrutiny.

The expansion is being spearheaded by Paramount Greece, the company’s European subsidiary operating through Paramount Industries Greece S.A., positioning the firm within European and NATO-linked defence markets.

According to Ukrainian defence outlet Oboronka, the unit earlier this year showcased a locally adapted Mbombe 4 vehicle to Ukrainian defence stakeholders, marking one of Paramount’s most direct engagements with a conflict-zone customer in Europe.

The vehicle is part of the Mbombe family of mine-protected combat platforms designed for high-threat environments. The name “Mbombe” honours a Zulu warrior and signals a focus on protection and durability.

Defence Blog reported that the Ukrainian-configured variant has been designated the OWL, incorporating battlefield lessons from local forces with enhancements focused on resistance to artillery fragments, landmines and small-arms fire, persistent threats that continue to shape procurement priorities.

Integration is being handled by Military Armored Company HUB (MAC HUB), Paramount’s local partner.

The platform draws on the Kalyani M4, produced in India under licence from Bharat Forge, highlighting the increasingly cross-border nature of modern defence manufacturing.

According to Oleksandr Dubyna, director of MAC HUB, the OWL is the second, and largest, model in the company’s lineup, developed over an 18-month engineering cycle in collaboration with Paramount Greece.

“The main feature of this vehicle is that it has the highest level of mine protection in Ukraine and was designed from the outset on a fully welded monocoque chassis,” chief designer Viktor said.

The expansion comes as South Africa navigates a sensitive geopolitical position over the Russia-Ukraine war, with Pretoria seeking to preserve diplomatic ties with both Kyiv and Moscow.

While maintaining longstanding relations with Russia, the government says it follows a policy of non-alignment and supports diplomatic efforts to end the conflict.

Paramount’s move into Ukraine, however, signals how some South African companies are pursuing overseas opportunities independently of the country’s delicate diplomatic balancing.

Despite filing for Chapter 11 bankruptcy protection in the United States in 2024 after a prolonged business dispute, listing assets of $500 million to $1 billion against liabilities of $100 million to $500 million, the privately owned defence and aerospace manufacturer continues to seek international contracts.