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Economy 2020-09-15T04:04:57+03:00
Ukrainian news
‘We are Prepared and Ready to Use All Legal Means to Protect Our Investment,’ stated Chinese investors of JSC

‘We are Prepared and Ready to Use All Legal Means to Protect Our Investment,’ stated Chinese investors of JSC ‘Motor Sich’

DCH Group, Motor Sich
Motor Sich. Photo by bzns.media
Motor Sich. Photo by bzns.media

The Ukrainian News Agency has published the text of the official statement of Skyrizon Board of Directors, which owns a large stake in JSC ‘Motor Sich’. As it is known, a group of Chinese investors acquired the corporate rights of this enterprise back in 2016, but to this day they cannot fully dispose of their property due to the blocking actions of the Antimonopoly Committee, the Security Service of Ukraine and the Prosecutor General. Currently, the Antimonopoly Committee of Ukraine is considering a joint application of Skyrizon and DCH for the equity concentration in JSC ‘Motor Sich’. Aleksandr Yaroslavskyi, owner and president of DCH, made a statement about the situation last Friday.

In particular, Chinese investors said in the statement:

Five years ago we came to Ukraine with hope and enthusiasm and invested in Motor Sich.  We believed in bright future to come by virtue of a combination of excellent Ukrainian aircraft products and constant strong market demand from China.

 
Our basis of co-operation with our Ukrainian partner has always and will always be based on the principle of mutual respect, respect of the people and respect of the law as well as mutual benefits.
 
From the first day we became interested and engaged in Motor Sich, we have made it abundantly clear that we are here as a partner and we are committed to keep Motor Sich alive and striving in Ukrainian soil. That is why we injected pretty money into the company straightaway. Management has on many occasions said it is the Chinese investment that is keeping the Company flourishing, keeping the thousands of job positions in the historical town.
 
For these five years we have been keeping our promises, respecting our partners, complying with local laws and following the principle of mutual benefit.  Without our investment, Motor Sich could not have developed new products and projects as well as saved thousands of jobs.
 
It has always been a commercial project based on findings of our research of market demand for products and technology, with consideration of business relations and business goals.
 
We really regret that after five years we got only confusion and disappointment.
 
However, we do not want commercial projects to be politicized, as this will seriously violate market rules and market order, which will lead to a deterioration of the investment environment and loss of investment confidence.
 
Our new Ukrainian partner, DCH will own 25%+ shares in the Company giving them the right to participate in the management of the Company and to safeguard its Ukrainian characteristics.
 
We have a grand blue print for our long term goal, that involves injecting substantial investments into Motor Sich onsite Ukraine, Zaporizhzhya, to maintain and to multiply the production capacity of the onsite plant. Our vision also involves injecting funds into the technology development of the Company onsite Zaporizhzhya to make it a tech savvy Company.
 
We are fully committed to our principles and goals.
 
We are very excited to have DCH on board as our partner.
 
We truly believe with DCH's involvement we are able to take off the project on the right foot and we are confident we can deliver a prosperous, profitable and viable Motor Sich with all its energy and potentials.
 
We are very disappointed with the most legal action taken by Prosecution Office to arrest certain shares. We believe this is of poor judgement and without grounds. We are prepared and ready to use all legal means to protect our investment. We believe at the end, common sense, fairness and justice will prevail!
 
We have confidence in the Ukrainian people, its government and its legal system. We believe in fairness, openness and above it all, a society with transparency in its government and legal system.
 
In view of the latest statements made about JSC "Motor Cich", in whose well-being we are exclusively interested in and intend to contribute to by all means, we feel it is our duty to make our concerns public.
 
From the point of view of economic logic and economic sovereignty of the state of Ukraine we deeply respect, the actions of certain representatives of the power structures look very strange. International law prescribes that the freedom of entrepreneurial activity may only be limited by legal norms, and by nothing else. In the case of JSC "Motor Sich" all the requirements of the Ukrainian legislation were complied with, both during the process of acquisition of a stake in 2016 and subsequent period. Nevertheless, we face an inexplicable resistance, which does not allow the Company to reach that height, on which we intend to expel it.
 
We absolutely support the statement of the owner and president of DCH Alexander Yaroslavskyi as far as we know him as a man, who is sincerely and unconditionally devoted to the interests of Ukraine. Based on these considerations we have reached an agreement with him. Our cooperation will be as the guarantor of the fulfillment of the obligations that we jointly undertake to the Ukrainian people in relation to Motor Sich.
 
We hope that the common sense will prevail, and a decision will be made to put an end to artificial obstacles to the development of the Company.
 
Sincerely, Skyrizon Board of Directors

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