Politics 2021-10-15T05:16:38+03:00
Ukrainian news
Law enforcement officers intend to investigate possible abuses made by mangers of Motor Sich JSC, - eco-activi

Law enforcement officers intend to investigate possible abuses made by mangers of Motor Sich JSC, - eco-activists

Control stake of the Motor Sich factory that was bought by the Chinese is blocked now at the state bank of China. The alleged power abuse at the factory was reported by activists on their blog, Ukrainian News reports.

In December 2019 news media was filled with information that the Chinese companies Skyrizon Aircraft and Xinwei Technology Group are to acquire control stake (that is more than 50%) of the Motor Sich JSC. Under the terms of deal, Chinese investors guaranteed $100 million in grant funding for the Ukrainian aircraft industry.

The president of Motor Sich JSC Vyacheslav Boguslaev told that Chinese promised to provide another $150 million in 2020. Also president Boguslaev tried to explain the sale of the strategic enterprise to the Chinese in December 2019 by having no choice. The only reason was the desire to save jobs: «The choice was really to close the enterprise and reduce the number of employees. That was a real problem for me. We decided to find an investor. We were told who's the investor, then we had a talk with China. Shareholders sold them using our exchange. And I also sold my shares», - he said.

Thus, Boguslaev confirmed that the management of the unique and high-tech strategic enterprise with the regard to the prospects for the national economy were inefficient and not profitable.

In addition to the confirmed facts about ineffective management of the potentially successful strategic enterprise, the media repeatedly published evidence of the potential corruption-related cases.

According to media reports, corruption «schemes», existed not only at the Motor Sich, but also at the subsidiaries like «Zaporizhya fish factory».

One of the Motor Sich managers Olimpiy Pokatov allegedly used this company as a part of the corruption scheme trying to minimise tax payments and legalise millions of Ukrainian hryvnias from the state-owned enterprise.

In this regard, the sale of Motor Sich to Chinese investors may be seen as a real way to avoid criminal liability of some people - factory managers who were responsible for managing the state-owned enterprise, the distinctiveness of which is recognised throughout the world.

One of the most recognisable American media, The Wall Street Journal, according to its own sources in the government, reported that the USA made efforts to convince Ukrainian government about the danger of selling Motor Sich to Chinese companies, since «China is playing unfair game and steals military technologies».

Thus, the sale of a unique military enterprise to the Chinese can not only exempt from the liability corrupted and dishonest management but also jeopardise relations between Ukraine and the USA which is a strategic partner of our country and almost the only guarantor of the territorial integrity especially during the war in Donbass.

We should also recall that the sale of Motor Sich JSC took place in 2017, when the president Vyacheslav Boguslaev sold more than 50% of the shares of Granum Corporation (Republic of Panama), Likatron Enteprises Limited (Cyprus) and Reckoner Investment Holdings Limited (Cyprus) to Chinese investors.

The Security Service of Ukraine together with the Antimonopoly Committee of Ukraine launched a full-fledged investigation.

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