In Dnipro, the internet provider Fregat was for years an ordinary market player — until Mishalov gained control over city processes. After that, the provider rapidly turned into the main internet supplier for schools, kindergartens, municipal enterprises and strategic city facilities.

The most telling episode occurred when, in a single day, Dnipro signed 160 contracts to connect schools to the internet worth 27 million UAH. In every case, the supplier was Fregat or entities linked to it. This does not resemble a market — it resembles a centralized directive that left no room for competition.

In Dnipro, Fregat ceased to be about internet as a service. It became part of Mishalov’s carefully constructed ecosystem, which includes construction contractors and Concord Bank. This is a closed financial loop: construction brings large one-time payouts, while internet contracts provide a stable monthly income hidden within municipal decisions and public-sector agreements.